The government of Pakistan has developed a simple and easy fixed tax scheme for developers and builders of the real estate sector.
The FBR will formally launch the scheme next week. According to sources; this will require a tax rate of Rs 210 per square foot for builders and developers on the construction of commercial buildings across the country. While on the other hand, the cost of residential buildings will be according to each city.
Registration is mandatory for utilization of the scheme. The tax will be reduced by 90% for low-cost housing schemes. A centralized circle will be created for the beneficiaries of the scheme and the FBR will be connected to them through an automated system.