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PAKISTAN’S ABRUPTLY CHANGED REAL ESTATE TAX LAWS. SOME QUESTIONS TO PONDER:
Government of Pakistan is planning to implement new tax laws related to property investment. PROPERTY TAXES WILL NOW BE CALCULATED BASED ON MARKET VALUES INSTEAD OF OFFICIALLY REGISTERED DC VALUES!
For such a fundamental change done so mysteriously, we want to ask some questions and open them for discussion and debate among the property investor community:
1. Will the new laws be applicable to private property schemes? As an example, Bahria Town? We are hearing that such schemes will be treated differently. Why is this inequality? Is this being done intentionally? To benefit whom?
2. The sudden manner in which the new tax laws were announced was shocking! Just 3-4 days before implementing it! If the government had planned to base the taxes on market value instead of DC value, this could have been announced in advance. The rule that has been in place for many decades was changed abruptly on a few days notice. Is this how investor trust is rewarded? This includes thousands of overseas Pakistanis. Was this done intentionally?
3. Is the objective of the new laws to collect additional taxes? Anyone who understands real estate investment knows that new laws may discourage and reduce real estate investment significantly thereby reducing the total tax collected each year. So what, exactly, is the benefit for the government?
4. Will respected Minister Ishaq Dar place Nawaz Shareef govt. in direct conflict with the business community again? Just like 1999?
5. Is it intentional to discourage Pakistani investors and move them away from Pakistan? And cause flight of Capital to Dubai where Mr. Ishaq Dar’s sons are property tycoons?
*Kindly share this post so we can get a healthy discussion and some answers. Thank you.*
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