A proposal to offer first-time homeowners full tax exemptions is part of the government’s incentive package for the housing and real estate industries. Prime Minister Shehbaz Sharif has received the more than 40 suggestions that the 11-member task committee from the Ministry of Housing has developed. These suggestions include a number of initiatives to revitalize the real estate industry as well as changes to the taxes levied on it.
According to sources, the prime minister has scheduled a crucial meeting for February 3 to make judgments about the suggested reforms. Complete tax exemptions for first-time homebuyers, three-story residential property construction permits, revisions to federal and provincial property transaction taxes, and a reduction in the buyer’s tax from 4% to 0.5% and the property sales tax from 4% to 2% are all included in the government’s package.
The recommendations also call for lowering taxes on the housing and real estate industry from 14% to 4% to 4.5%, removing the federal excise fee on real estate transactions, and offering housing subsidies to low-income people.
Proposal for Tax Relief for First-Time Homebuyers to Revive the Real Estate Sector.
