ProPropertyNewsResidents of Mansehra Demand End to Hike in Real Estate Transactions

Residents of Mansehra Demand End to Hike in Real Estate Transactions

MANSEHRA: The residents of Mansehra and Oghi tehsils have urged that the most recent increase in the tax on real estate transactions be immediately reversed.

As per the sources, the Federal Board of Revenue (FBR) imposed an 11% tax on the sale and purchase of land and property 4 months ago, which caused the commutation rate in the district to drop by more than 80%.

Nawaz Khan, a former district councilor, who spoke to reporters on Tuesday, has termed the hike unjust and requested the authorities to reverse the decision.

He argued that because there were no real estate transactions going on, the revenue department’s and patwari’s offices appeared to be vacant.

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According to Khan, purchasers and sellers of land and property formerly paid a 4% tax, but since the federal government began imposing an 11% tax on these transactions, the rate has increased to 15%.

He said that although the federal government’s action intended to increase income from Khyber Pakhtunkhwa, it would be detrimental to the national government and the state.

Sarfraz Khan, an Oghi native, urged the federal government to eliminate such tax as since property taxes were implemented, the people were severely affected by rising inflation and were unable to buy land to construct houses.

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