It is no secret that Pakistan's property sector is fundamental to the economy because 70% of overseas Pakistanis channel their remittances into it and contribute USD12 billion annually. Shafiq Akbar, CEO, IMARAT Group, spoke today at Cityscape Global's Public Private Partnership Forum. With 15+ mega projects in Pakistan across its portfolio, IMARAT is a leading real estate company in Pakistan. The company is reshaping Pakistani landscape through the construction of 10 million square feet of commercial space, hotels, a trusted real estate portal, and a digital map of the entire country. After the group's successful expansion into the ...

ISLAMABAD: The federal government has decided to audit the completion certificates submitted by builders and developers who benefited from the amnesty scheme offered for the real estate sector during the PTI’s rule. In this regard, the Federal Board of Revenue (FBR) has notified the chartered accountancy companies rated satisfactory after their quality control review by the Institute of Chartered Accountants in Pakistan (ICAP). The beneficiaries of the amnesty scheme were not asked about their sources of income, and they were also given tax exemptions and concessions to the tune of billions of rupees. When contacted, a senior officer ...

  A leading developer in Pakistan's real estate industry, Chakor Ventures introduces a novel payment model for its flagship commercial project, Citadel 7. Through the groundbreaking "60-40 Payment Model," Chakor Ventures aims to redefine the property ownership landscape in Pakistan by offering unparalleled flexibility and accessibility. The Game Changer 60-40 Payment Model The 60-40 Payment Model is set to revolutionise the real estate market by allowing investors to secure their ownership of premium commercial spaces in Citadel 7 with just a 60% initial payment. This innovative payment structure empowers buyers to take possession of their property and pay ...

KARACHI: Pakistan Stock Exchange (PSX) has submitted tax proposals to the Ministry of Finance (MoF) and the Federal Board of Revenue (FBR) for consideration in the federal budget for fiscal year 2024-25, submitting that the government should align rates of capital gains tax (CGT) on the sale of stocks with those applicable to the sale of property and real estate. PSX said it was important to remove the tax-driven distortions amongst different asset classes to create a level playing field. Essentially, the tax on capital gains on listed securities should be uniform, in line with the tax on ...

The Budget 2024-25 in Pakistan proposes significant changes to the taxation of real estate and property, impacting both filers and non-filers. Here’s a detailed breakdown of the key changes: Capital Gain Tax on Real Estate Currently, the capital gain tax on immovable property depends on the holding period (1 to 6 years) of the plot/flat/constructed property. After 6 years, there was no tax. The new proposal changes this:For Filers: A flat 15% capital gain tax irrespective of the holding period.For Non-Filers: A steep 45% capital gain tax.This new rate applies to properties acquired on or after July 1, 2024. Properties ...

The Federal Budget for FY2024-25 has been unveiled, and it's being touted as one of the most 'friendly' budgets in recent times. But as we dive into the details, it becomes clear that the benefits might not be reaching the common people as expected. Let's break down the key points of the budget and see who really benefits. Total Outlay and Major Allocations The total outlay for the budget is Rs. 18,877 billion. Here's a look at the major allocations: Debt Servicing: A staggering Rs. 9,700 billion is allocated for debt servicing. This is more than half ...