ISLAMABAD: The federal government has decided to impose a levy on big farm houses located in the federal capital, sources revealed on Friday.
According to details, the said decision would be implemented under the next fiscal year’s budget (FY21).
Currently, there are more than one thousand farm houses in the federal capital, mostly owned by renowned people including politicians, retired security officers, media anchors and businessmen.
Sources claimed that the owners of these farm houses were only paying property tax, as no government in the past had tightened its noose around mega residential property owners.
In addition, sources said, the government was also deliberating upon imposing an additional tax on other posh sectors such as E7, F7, F6, E11, F10 and 1-8.
If the parliament approves this tax, the Islamabad administration would receive billions of rupees on a yearly basis, they added.
Meanwhile, sources said the government was also considering an increase in the wealth tax rate up to 5pc on all slabs keeping in mind the current economic situation.
It is pertinent to mention that the wealth tax has no connection with the amount of income tax paid. A person is required to pay a certain amount of wealth tax, irrespective of the quantum of income tax paid.
