Govt. Considers Imposing Luxury Tax on ICT Houses – Research Snipers

Govt. Considers Imposing Luxury Tax on ICT Houses

luxury tax

The federal government is considering the imposition of luxury tax on the ICT houses. These houses are located within the limits of the Islamabad Capital Territory (ICT).

As per sources aware of the matter, there will be a luxury tax imposed on the ICT properties that belong to the various areas.

In the category of residential areas, the sources said that Rs.100,000 tax would be imposed on 2-4 Kanal houses having a covered area of more than 6,000 sq. ft, while Rs.200,000 tax has been suggested for the 5 Kanal or above houses with a covered area of more than 8,000 sq. ft.

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In the meantime, the farmhouse category-I, the sources informed that there would be no tax on a 4-Kanal property. But, a yearly tax of Rs.25 per sq. ft. has been suggested for the farmhouses that have got a covered area between 5,000 to 7,000 sq. ft.

Similarly, Rs.40 tax per sq. ft. has also been suggested for the farmhouses with a covered area that ranges between 7,000 to 10,000 sq. ft., while Rs.50 tax per sq. ft. has been suggested for the farmhouses that have a covered area of more than 10,000 sq. ft.

The sources further indicated that the farmhouse category-2 would have no tax on a 4-Kanal property however an annual tax of Rs.660 per sq. ft. has been recommended for the farmhouses that cover the area between 5,000 to 7,000 sq. ft.

The sources also said that the aforementioned taxes would not be applied on the houses occupied by windows, and added that the Excise and Taxation Department of Islamabad has been given the task of collecting the said tax in a way that has been prescribed.

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