Federal Government Imposes Levy on Construction and Real Estate Profits

The federal government has introduced a levy on taxable profits for individuals and businesses involved in the construction and sale of residential and commercial buildings.

According to the amended Finance Bill, this tax will also apply to the development and sale of plots.

A taxable profit rate of 10% will be imposed on gross receipts from the construction and sale of buildings, 15% on the development and sale of plots, and 12% on mixed business activities.

The tax applies only to income from these specific activities, not to other sources or heads of income.