Prime minister’s Revenue consultant Mr. Haroon Akhtar told media Tuesday, that business worth more than 4 Trillion Rupees is under tax net now. Only 8 Billion was added in national treasures by immovable property transactions in 2015-2016 fiscal year. Now with the consent of realtors, developers and builders we have formed a Win-Win Notification, resulting to which FBR will be able to collect 60 Billion rupees’ in the current fiscal year and it will tend to increase every year. After 10-15 years, this will turn into a breakthrough for the economic cycle of the country.
“Property business will not decrease in any case, but it will boom after the notification of the policy. It’s because area wise fair market price for all 21 cities are fixed and after the notification, no property dealer or realtor will be obscure about how much tax is outstanding on his property. Seller as well as buyers will be aware about the tax liabilities. People will be having sweet dreams as they wouldn’t be afraid of the authorities about the tax matters, because they would have already paid their taxes at the time of transaction. Now all the money already taxed will dive into real estate industry and this sector will emerge like those of Dubai, Europe, and Malaysia etc. “added Haroon Akhtar. He was in a view that if you go to the Murree, Karachi, Lahore, Islamabad and Pindi, you will be seeing prosperity over there, market places are full of people, roads are affluent with vehicles, masses are earning and spending but state’s GDP was not exhibiting similar improvements, so we managed to show such prosperity in our GDP too. Now Pakistan’s top investment sector is being documented in GDP. We will be investing on necessities like hospitals, schools and colleges without borrowing from other countries as we will be generating our own money. He also confirmed that this notification is said to be active from 1st august 2016. Keep Visiting Sbx.com.pk for more news and updates.