ADB Supports the Reforms In Real Estate Taxation

Pakistan, September 3, 2024: The Asian Development Bank (ADB) supports the reforms in real estate taxation, including eliminating tax exemptions.

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According to the details, ADB has recommended that the tax exemption on the open plots expire after 6 years. However, property development should be taxed. The bank further emphasized the need for standardized tax on the sale and purchase of immovable property.

ADB pledged that the government would not overlook the consequences of current tax exemptions on property developments. Further, these exemptions divert investments from major sectors like agribusiness and manufacturing.

In the same report, the ADB pointed out the energy and water supply management crises that demanded reforms in Pakistan. According to the report, energy use efficiency in connection with water supply, transport, and architecture is crucial.

Besides, the rapidly growing population makes the demand for energy-efficient solutions vital, specifically in transportation, water supply, and building design. 

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