Association of Builders and Developers of Pakistan (ABAD) Chairman Arif Yousuf Jeewa Friday welcomed the announcement of unified property tax by Prime Minister Shahid Khaqan Abbasi saying that we are glad to hear that the Prime Minister has accepted the proposal of ABAD regarding property tax.
Ina a statement, Chairman ABAD said that ABAD was working since last year to connivance the government that three-tier property taxation, ie, DC value, FBR value and open market value is not good for the country and national economy. Now the government has realized that proposal of ABAD was in right direction as through this proposal the government will be able to increase collection of revenue manifolds, he said, adding that now people will be forced to register their properties instead of purchasing properties on power of attorney, which will generate more revenue and more people will come into tax net benefiting the government in log-run.
Moreover, foreign investors, who were reluctant to invest in real estate because of three kinds of property valuation, will be comfortable to invest due to unified one percent tax on property transaction.
Speaking about the prohibition of purchasing properties more than Rs 4 million by non-filers, he said the government should clarify its stance regarding this proposal whether such person will be allowed to purchase properties after filing tax returns or the government will charge 5 percent tax on such purchase.-PR
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