At a meeting with Special Advisor to PM on Revenue Haroon Akhter on Friday, Association of Builders and Developers of Pakistan (ABAD) will take strong position against special powers granted to the income tax commissioner for determining property values. Chairman ABAD Hanif Gohar told the Business Recorder here on Thursday that they were going to meet Advisor to PM on Revenue Haroon Akhter on Friday. He said the ABAD would strongly oppose said unnecessary special powers granted the income tax commissioner for determining property values.
"We have raised the issue from both associations - FPCCI and ABAD and objected this decision and now we are going to reiterate our stance before Special Advisor to PM on Revenue Haroon Akhter," he said adding that if the government did not reverse its unfriendly decision, association would initiate agitation against it as it would cause massive flight of capital from construction sector.
He said that government by amending in section 68 (2) of the Income Tax Ordinance 2001 wanted to enhance discretionary power of the tax officials, which he termed as against the FBR policy.
He further said that if it was enforced, this would open new doors for corruption and ABAD had expressed resentment against this amendment. "Construction activities in Southern Region ie Karachi, Hyderabad, etc, was almost 80 percent of total construction carried out across the country," he said adding: "However, the tax officials are conducting raids in the premises of builders and developers working only in this region, despite collecting billions of rupees taxes from them." He also urged the relevant authority to look into the matter and take remedial measures to resolve the issue amicably.
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