KARACHI: Prime Minister Nawaz Sharif has asked Federal Finance Minister Ishaq Dar to take immediate steps in order to redress the issues of Association of Builders and Developers and Real Estate’s Sector in connection with the recent amendment in Finance Act-2016, it is learnt here.
Sources informed Customs Today that the prime minister has stressed for speedy redressal of the issues being faced by the property dealers and builders.
In this regard, Finance Minister Ishaq Dar has asked Federal Board of Revenue (FBR) Chairman Nisar Muhammad Ali Khan, Member Customs FBR Nasir Masroor Ahmed and other FBR officials to resolve the property tax matter with mutual understanding.
The sources informed this scribe that a meeting of the FBR authorities along with the representatives of ABAD, Real Estates and other stakeholders would be held in recent week in order to discuss the property tax issue imposed by the fed eral government in recent budget2016-17.
The sources further disclosed that the Federal Finance Minister has asked the FBR authorities concerned to present a comprehensive and detailed report before him after the meeting with all stakeholders.
It is pertinent to mention here that the representatives of ABAD and real estates have expressed their deep concerns over the amendment in Finance Act-2016 in which the government authorities to evaluate the property tax on market value of the property instead of government value or table value.
After the amendment in Finance Act, a surveyor team of State Bank of Pakistan (SBP) would visit the site and evaluate the market price of the property and then the tax-payer or buyer should have to submit the property tax accordingly.
It may be mentioned here that the representatives of ABAD and Real Estates have already rejected the amendment in Finance Bill-2016.
