30-35 per cent tax on property sale/purchase within 3 years: Budget proposal

The Federal Board of Revenue in Pakistan is exploring possibility to impose 30-35 per cent tax on purchase/sale of property within a period of three years in coming budget, an English daily reported.
At present, the property owners are not filing income tax returns. According to sources, a new proposal is under consideration to tax property where purchase and sale takes place within three years period.
However, the exact amount of the levy has yet not been finalised, but it could be ranging between 30-35 per cent of the value of transaction.
Under section 114 of the Income Tax Ordinance 2001, following persons are required to furnish a return of income for a tax year: Every company; every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax; any non-profit organisation; any welfare institution that owns immovable property with a land area of 250 square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of local government laws in the provinces; or areas in a cantonment; or the Islamabad Capital Territory.
Every non-profit organisation including those established for religious, educational, charitable, welfare or development purposes and for the promotion of amateur sports are liable to file income tax returns.