ISLAMABAD: The real estate and property developers have demanded government decrease period of capital gain tax from five years to three years. They also urged the government that the State Bank of Pakistan be authorized to assess market value of property instead of the Federal Board of Revenue (FBR).
Sources told Customs Today that the government and the representatives real estate developers hold negotiations in conference room of the FBR headquarters. Prominent among those who attended the meeting were Adviser to Prime Minister on Revenue Haroon Akhtar Khan, Federal Board of Revenue Chairman Nisar Mohammad Khan, Member Inland Revenue Policy Rehmatullah Khan Wazir, Chief Inland Revenue Policy Vishno Raja Qavi, Special Assistant to Chairman Zubair Ahmad Tiwana and Secretary Qazi Hafizur Rehman.
On the other hand real estate and property developers sector were represented by president Islamabad Estate Agents Association Ch. Abdul Rauf, president Defence Housing Authority Lahore Major ® Mohammad Rafiq, president ABAD Hanif Gohar president Johar Town Lahore Ch. Shafqat Hussain, Chairman Paragon Nadeem Ahmad.
Talking to Customs Today representative of real estate developers Islamabad Mazhar Wakeel Durrani said that they are optimistic that their ongoing negotiations with the government will bring positive results. He said that property dealers belonging to all the four provinces submitted market prices of plots available for sale to government representatives. He said that Federal Minister for Finance Ishaq Dar himself will attend the next round of talks which will be held in Islamabad.
Mazhar Wakeel Durrani said that government agreed to conduct the market value of property through State Bank of Pakistan instead of Federal Board of Revenue. He said that FBR will issue a new SRO comprising concessions for real estate sector.
