15% tax hike on real estate will make the agency loss-making: FPCCI

 

KARACHI: The Federal Chamber of Commerce and Industry of Pakistan (FPCCI) has expressed a 

mixed reaction to the budget.

Addressing a press conference in Karachi, President FPCCI Atif Ikram Sheikh said that the interest rate 

is one and a half percent

Less will do nothing, factories in regional countries get 8 cents of electricity and we get 17 cents.

He further said that with 15 percent tax on real estate, this sector will go into deficit, now the budget is 

being reviewed carefully.

Vice President Saqib Magu said that the budget target is very high considering the condition of the 

industries, in the amount of export refinance.

The increase is welcome, but bringing exporters into the common tax net will also reduce exports, for 

the IT sector.

Big money is better, increase in salaries and pensions is a welcome move.

Saqib Magu said that tax digitization is a good initiative and capital gains tax on real estate will bring 

money from abroad.

Delivery may be significantly reduced.

Budget 2024-25 also proposes to increase the tax rate for filers and non-filers on sale and purchase of

property.

According to the budget document, the filer will be taxed at 15% on the purchase and sale of property,

while the purchase of property by non-filers will be taxed at 15%.

Sales tax will be up to 45%.

The federal government in the National Assembly proposed a deficit of 85 trillion for the next financial

year 2024-25 from 188 trillion 87 billion.

A higher budget has been presented.