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.
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