Islamabad: The task force set up by the Prime Minister has prepared a proposed package for the construction sector, after which the Ministry of Housing has handed over relief proposals for the sector to the Federal Board of Revenue (FBR).
According to the documents, the package includes a recommendation to provide relief to buyers in the housing sector, while also including proposals for increasing employment through the revival of the construction sector.
The documents suggest allowing non-filers to purchase property worth up to one crore rupees and reducing the tax rate on property sales by half.
It is also mentioned that a total tax of 11 to 14 percent is currently imposed on property transactions, with a proposal to reduce it to 4 to 4.5 percent.
Additionally, there is a proposal to simplify the process for overseas Pakistanis to purchase property and allow them to register online through NADRA.
The package also includes a proposal to allow filers to include properties worth up to five crores in their wealth statement.
