Government abolishes 3% FED on property sale

CRA agreement clears way for property sale

Galion City Council approved a Community Reinvestment Area (CRA) transfer during its April 8 meeting, allowing Five Galion Company LLC to move forward with the sale of property to Conklins Carter Crossing LLC. The sale involves real property known as 798 and 800 Carter Drive. As defined by the Ohio Department of Development, a CRA is a “tax exemption program benefiting property owners who renovate existing or construct new buildings.” The CRA pr…

Government abolishes 3% FED on property sale

ISLAMABAD: Government of Pakistan has decided to swiftly eliminate the 3% federal excise duty (FED) that has been applied to the first sale of properties since July. This decision reverses a controversial tax policy that has significantly impacted the real estate sector over the past ten months, as confirmed by a senior official from the Federal Board of Revenue (FBR). This reversal follows discussions with the International Monetary Fund (IMF).…

Pakistan’s IT Sector Calls for Decade-Long Extension of Final Tax Regime

In a bold move aimed at securing long-term stability and global competitiveness, the Pakistan Software Houses Association (P@SHA) has urged the government to extend the Final Tax Regime (FTR) for IT and IT-enabled Services (ITeS) exports for another 10 years until 2035. P@SHA Chairman Sajjad Mustafa Syed stated that this recommendation emerged from an extensive consultative process with local IT exporters and industry stakeholders. The current F…