Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) President Sheikh Amir Waheed has urged the government to move towards abolishing property taxes, according to a news report. Waheed has said that the government should abolish taxes on the purchase of property including capital value tax and stamp duty, and impose a tax rate of only 1%.
Adding to this, DHA General Secretary Muhammad Ahsan Malik, at a meeting with Real Estate Consultants Association (RECA) at the ICCI, said that the Prime Minister should introduce a flat 5% Capital Gains Tax rate. Malik added that the government had announced plans to reduce tax rate on purchase of property to only 1%, along with abolition of the DC rate and FBR rates; and provinces would be following suit, so by all means the CGT should be abolished too. Malik also said that the clients’ cash was deposited in consultants’ accounts with regular tax deductions, and that the government should stop deducting taxes on cash withdrawals at all costs.
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