SECP suggests measures to document real estate sector

Author: Agencies

Securities and Exchange Commission (SECP) has submitted its tax proposals for budget 2021-22 for documenting the real estate sector and promotion of Real Estate Investment Trusts (REITs).

The SECP suggested reducing tax on dividends from REITs from 25 percent to 15 percent to synchronise it with mutual funds [First schedule, Part-1, Division-III, paragraph B] of Income Tax Ordinance, 2001. The SECP suggested to exempt advance tax on property transfers to/from a REIT Scheme u/s 236C and 236K of Income Tax Ordinance, 2001. The SECP proposed exemption for CGT provided in clause 99A, Part 1, 2nd schedule be applied to all categories of REITs (mix-use projects) without any sun-set clause

The SECP said that core objective of the proposals included to support government vision for development of housing sector and allied industries; promote regulated real-estate sector for promoting documentation and transparency; introduce level playing field for regulated sectors; remove disadvantage/dis-incentive caused to the REIT sector; and increase overall tax revenue for FBR and provincial revenue authorities.

Share
Leave a Comment

Recent Posts

  • Fashion

‘Collectibles’ by Sonraj hosts star-studded event to celebrate OMEGA’s legacy of precision and luxury

Karachi, 23 December 2024 – Sonraj hosted a star-studded event to celebrate legacy of OMEGA,…

9 hours ago
  • Op-Ed

Pakistan’s health system faces mounting challenges

Pakistan’s healthcare system is grappling with persistent challenges, leaving millions of citizens without adequate access…

11 hours ago
  • Top Stories

ICJ weighs States’ responsibility for climate change, ‘future of our planet’

The International Court of Justice (ICJ) held historic hearings from December 2 to 13 addressing…

11 hours ago
  • Pakistan

New undersea cable set to ‘enhance’ Pakistan’s internet speed

A new undersea internet cable is being installed, promising to significantly enhance internet speed and…

12 hours ago
  • Editorial

Becoming Footnotes

Until a few months ago, we were worried about being conveniently left out of a…

13 hours ago
  • Cartoons

TODAY’S CARTOON

13 hours ago