ISLAMABAD: The National Assembly’s Standing Committee on Finance, Revenue and Statistics has constituted a four-member sub-committee to finalise a tax amnesty scheme for the realty sector.
On Wednesday, Arif Jeeva of the ABAD demanded that the FBR should suspend the new valuation rates for at least a year and renegotiate a deal.
The demand was rejected by FBR Chairman Nisar Khan, who maintained that ABAD and its affiliates paid just Rs8.5 billion in taxes last year, which does not match their flourishing business.
The Association of Builders and Developers of Pakistan (ABAD) and other representatives of the realty sector signed a deal with the government on July 31 this year on the basis of which the Federal Board of Revenue (FBR) had notified new valuation rates.
The National Assembly panel also unanimously passed a bill, making the holding of population census at least once in 10 years legally binding.
The bill also stipulated giving meaningful representation to provinces in a policy making body that had a critical role in national statistical affairs.
The General Statistics (Reorganisation) Amendm-ent Bill, 2016, was moved by Qaumi Watan Party chief Aftab Ahamd Sherpao as a private member’s bill but eventually he won the endorsement of the members of the ruling party.
