LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday strongly opposed the new market value determined by the Federal Board of Revenue (FBR) for the immovable property of 40 major cities of the country vide its SRO1548(I)/2021 dated 1st December 2021 as it would dealt a big blow to the business activities of property and construction sector and foil all efforts of the government to revive the economy.

Addressing a press conference here, Senior Vice President FPCCI Khawaja Shahzab Akram, Former Presidents Lahore Chamber of Commerce and Industry Muhammad Ali Mian and Irfan Iqbal Sheikh, Former Vice President Tahir Manzoor, Muhammad Rafiq Hassrat and others said the FBR should immediately withdraw this decision to save the economy from a severe damage.

Shahzab Akram said realizing the vital role of the property and construction sector in the economic development of the country, the Prime Minister had offered an attractive construction package, which boosted business and economic activities across the country.

However, an unprecedented hike in the market value of immovable properties by the FBR without consulting with stakeholders would cause a severe blow to the business of property and construction sector and create a lot of unemployment besides weakening the overall economy.

He said the FBR has set prices without taking stakeholders into confidence. We have strong reservations about the new market value of the property, he said.

Price tables have been increased by 200 to 400 percent. The new market value will be a blow to property and construction business activities. The government’s decision has severely affected foreign exchange and foreign investment, Shahzab added.

Senior Vice President FPCCI further said that the stock exchange is in a downturn due to the negative move of the government. More than 40 other sectors associated with the construction sector will also be affected. The new market value of the property will destroy the government’s construction package.

Shahzab further said that the sale and purchase of plots would be severely affected. The sale and purchase of property have already slowed down due to inflation and the recent coronation. This move by the FBR will further slow down the property business.

Copyright Business Recorder, 2021