KARACHI: The business community has asked the government to announce tax amnesty scheme for the real estate sector to resolve the valuation issue.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) presented this proposal after discussing the issue with all stakeholders in last three days.
The FPCCI proposed general tax amnesty for the under-ground economy to resolve the property valuation issue as well as growth of other sectors. The FPCCI will present the proposal at a meeting to be held with Finance Minister Ishaq Dar on July 27.
However, the business community rejected the demand of the concessions for only the property sector.
FPCCI Senior Vice President Khalid Tawab, after the meeting with stakeholders, said the property valuation by approved valuer of the State Bank of Pakistan was rejected by the FPCCI. He said after the imposition of withholding tax on non-filers the capital is being routed to the property business. He said recently the FPCCI also requested the amnesty for persons having undeclared foreign assets.
