Tax On Capital Gains In Property Levied

Pakistan has been one of the developing countries in South East Asia

. Its economy has been struggling since long. There have been a lot of factors successfully contributing this low turn economy of Pakistan. One of the most important factor that has always been a challenge for the present as well as the past governments is the collection of tax. The governments of different era have tried to increase their targets for collection of taxes, they however have miserably failed. Tax deduction has a lot of difficulties to its name. The most important one is the hiding of true accounts by the business. Usually the tax collected by the government is from the people who have a 9 to 5 job. This has put the government in a difficult situation. To tackle the problem, the federal government has swallowed the bitter pill and asked the provincial governments to levy tax on the capital gains from the real estate. The governments of Punjab and Sindh have told the government that they will support the federal governments tax levying only if it withdraws the already prevailing capital gain value tax on the real estate. The governments of the province of NWFP and Baluchistan are against the levying of this new tax and say that the prevailing tax should neither be withdrawn nor replaced. Federal government had held joint meetings with the respective representatives of the different provinces. Sindhs point of view was that the power of levying tax should not be given to the tax collectors; rather the tax should be levied based on the market price of a property. The market price should also be updated on yearly basis. He also suggested that inheritance transfer should not be made part of this tax. NWFP and Baluchistan provinces also presented their view on the subject. They were of the view that the present tax regime was doing its job well and they didnt need to insert a new tax into their markets. The federal government has been facing a lot of challenges in successful implementation of the property tax. The main problems which are to be resolved include; a just system for levying tax, national consensus on the issue, and a system that promotes contribution as well as transparency. As levying property tax has been a subject of the federal government, it is very difficult to address the problem. Each province has its own types of real estate problems prevailing and one size doesnt fit all. This has really made the authorities struggle for levying a property tax that would successfully add to the tax revenue collection of the government. A lot of promises have been made this finance minister as well. The real results of tax collection are yet to be seen.

by: William

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