The CTRP includes proposals seeking to lower the corporate income tax (CIT) and rationalize tax incentives of businesses (Package 2); impose higher excise taxes on alcohol products and e-cigarettes (Package 2+); reform the property valuation
system (Package 3); and rationalize capital income taxation (Package 4).
Luckily, the incumbent administration has shown a stronger determination on the issue as reflected in the second upward revision of property valuation
rates in an attempt to bring them closer to the actual market prices in 20 major cities across Pakistan in less than six months.
The property valuation
rates for 20 major cities in the country has gone up by an average cover of 30 percent, bringing the prices up to and unprecedented 85% of market value.
The new property valuation
formula along with 32% depreciation in the rupee's value against the dollar since December 2017 has pushed down investment by overseas Pakistanis in the real estate sector by around 25%.
In a major development, the government on Friday further increased property valuation
rates by an average of about 20percent for 21 major cities of the country with immediate effect aimed at largely plugging a loophole that is pumping black money into the economy.
FEF backs amendments to real property valuation
!-- -- Czeriza Valencia (The Philippine Star) - December 1, 2018 - 12:00am MANILA, Philippines The Foundation for Economic Freedom (FEF) is backing the proposed amendments to the country's real property valuation
system under the third package of the Comprehensive Tax Reform Program, saying this would lessen delays in the implementation of government infrastructure projects.
The Department of Finance (DOF) proposed several "enhancements" to the three proposed measures pending in both chambers of Congress seeking to reform the country's outdated real property valuation
Now, more than 20 years later, we are pleased to announce Real Property Valuation
in Condemnation, a new text focused specifically on the contentious subject of condemnation.
This is view of the exponential increase in property valuation
instituted by Federal Board of Revenue.
Increases in property valuation
rates would have led to rise in collection of federal withholding and capital gains tax, but now the prices have been pushed down for certain areas in Lahore, Karachi, Islamabad, Rawalpindi, Peshawar and Faisalabad.