Meeting discusses tax rates on immovable properties

Meeting discusses tax rates on immovable properties

ISLAMABAD: A meeting chaired by Dr. Abdul Hafeez Shaikh, adviser to the Prime Minister on Finance and Revenue, discussed proposals related to tax rates on properties, and realization of property valuation tables.

The adviser met a delegation of Association of Builders and Developers of Pakistan (ABAD) in this regard.

The delegation was represented by Hassan Bakhshi, various proposals were presented that could enhance and boost the property business in the country and improve tax collection for the government.

The proposals were regarding taxation rates on property, building height restrictions in Karachi and rationalization of Property valuation tables and some other policy related exemptions that could help in smooth functioning of the property business and further accelerate the economic activity in the country.

The adviser to the Prime Minister discussed the proposals in detail with the delegation and after taking the views of the Chairman FBR, assured the members of the delegation that all possible help will be provided to the sector keeping in view the principles of equity, transparency and fair play.

The adviser said that he realizes the importance of the business and wants to engage more with the sector for better facilitation and understanding.

He directed the delegation to further refine their proposals for a positive outcome and meet again in the second week of January so that the matters could progress ahead.