- August 22, 2024
- Posted by: Muhammad Afzaal
- Category: RBS News
Pakistan, August 21, 2024: The Asian Development Bank (ADB) wants the government to make real estate tax reforms. They also suggested removing currently existing tax breaks, specifically from empty lands. The bank proposed that tax breaks from empty lands should end after 6 years and that developing properties should be taxed.
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The bank further emphasized implementing a standard tax on buying, selling, and investing in property. ADB pointed out the government’s financial loss due to current tax incentives for property development. They argued that the tax exemptions have led people to invest more in real estate than other vital sectors.
In addition to real estate tax reforms, ABD pledged to reform energy and water supply management. Its report stated that the expansion of alternative energy resources has become crucial with the growing population. Moreover, making energy use more efficient in water supply systems, transportation, and building designs is very important.
Pakistan needs a thorough plan for managing water resources, and penalties should be introduced for wasting water.
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The ADB report also highlighted the significance of improving the handling of solid waste and managing its transport system. Urban areas need these reforms to enhance sustainable growth. Stay connected with RBS for more updates on real estate tax reforms.