ISLAMABAD – The cumulative tax on non-filer buyers and sellers on property sales in the country has reached a record high of 18.5 percent.
Tax on sale and purchase of houses, plots or flats has been increased from July 1. If you are a non-filer buyer, now you have to pay 10.5% tax instead of 7% on the purchase of property, while the seller of property has to pay 6% instead of 4%.
These taxes include one percent stamp duty and one percent town tax on the property value.
According to Imran Migrani, leader of Property Dealers Association, in case of filer buyer or seller, advance tax will be charged at 3.3% instead of 2.2%.
A deal between filers will get 8 percent tax to the federal and provincial governments, combined with one percent stamp duty and one percent town tax.
Here’s all you need to know about fixed tax rates for filers, non-filers in current FY
