ISLAMABAD: Agents of real estate sector will observe strike on October 28, as negotiations for revising property valuations, fair values of plots and tax between the Federal Board of Revenue (FBR) and real estate sector remained fail.
The dialogues were held in a meeting headed by Special Assistant to PM on Revenue Haroon Akhtar here at FBR. Pakistan Muslim League-Nawaz (PML-N) legislator Prevaiz Malik, Inland Revenue-Policy Member Rehmatullah Khan Wazir, IR-Operations Chief Yousaf Haider Shiekh and other officers were present on the occasion.
On the other side, real estate agents of Rawalpindi, Islamabad, Peshawar and Lahore participated in the negotiations with the government. During the meeting, the realtors tried to boycott the meeting and raised slogans against the government, but tax officials and Haroon Akhar listened to their reservations with patience.
The agents said that the FBR had promised to raise the determined fair value of plots during 4-5 years that must be realised, besides demanding that tax on a plot should be collected once in a year.
Responding to the demands, Haroon Akhtar said that property valuation and tax on it has been enforced through legislation by Parliament, adding, “We have to move the Parliament to bring amendments to it”. The demands will be forwarded to Finance Minister Ishaq Dar, who will reply after discussing the matter in the Parliament and Senate, he informed.
He also said that real estate agents could approach opposition parties for getting their support, as the government will not have any reservations in this regard. But, Haroon did not clear about what kind of exemptions could be given to them.
During the meeting, the agents presented various recommendations, but the negotiations could not reach a point on which the agents decided to protest on October 28, 2016 against the policies in Peshawar, Rawalpindi and Islamabad. The Lahore-based agents will also participate in the protest.
Talking to Customs Today, an agent, Mazhar Kaleem said that investment in real estate sector decreased after new policies, adding that most of the investors in this sector were oversees Pakistanis who now have stopped investment.
