Islamabad: The Sub-Committee of the Standing committee on Finance, Revenue and Privatisat
ion sought recommendations from the property dealers of Karachi and Faisalabad to determine new rates.
The body met under Abdul Manan on Monday at Parliament House in which the FBR valuation table on property tax was discussed.
Property dealers from Karachi and Faisalabad informed the committee that property business was affected due to the valuation rates.
The difference on market and FBR rates is double in Karachi
SITE area, Chinese companies are interested
to buy land in Karachi Port Qasim but due to high taxes, they are not buying the land, additionally the tr
ansaction has been struck down in Defence Housing Authority (DHA).
Inland Revenue Member Rehmat Wazir said that the valuation rate is just 30 percent of market rate however, market rate is far more than the FBR rate.
The government will increase the tax rate with the passage of time, he added.
Committee member Mustafa Mehmood said that immen
se black money is being invested in real estate and if the money is not landed in this sector then FBR did not apply the valuation rates.
He added that he does not have any objection if property dealers or people registered their property on market rates.
Manan said the FBR has accumulated much tax on tr
ansaction during the financial year as compared to first six months of previous year adding that people were getting registries.
Mehmood said the property prices have been increased unnaturally in the country but there was no increase in rent.
Makhdoom added that dwellers of Model Town and housing schemes would not be able
to buy property with white money.
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