Realtors reject new taxes imposed in budget

The representatives of real estate agents have rejected the taxes imposed by the government


Our Correspondent June 27, 2019
Rawalpindi Islamabad Tax Bar Association Vice President Syed Tansir Bokhari Advocate speaks at the Islamabad Real Estate Convention. PHOTO: EXPRESS

ISLAMABAD: The representatives of real estate agents have rejected the taxes imposed by the government on real estate sector, saying that if further taxes are imposed on the industry will be destroyed and they will be forced to resort to civil disobedience.

They had gathered in the capital for a Real Estate Convention held at the Convention Center organized by the Real Estate Agents Association. Federation of Realtors Pakistan President Rafiq Hasrat addressing the ceremony said: “we are fighting a war to save real estate business.”

He said that they are with the government for collection of tax but not by force. Hasrat said real estate agents were ready to contribute Rs70 billion in taxes next year, “but the government should follow our advice.” He said that the real estate sector which was providing jobs to 2.5 million people must be saved.

Legal expert on real estate, Tanseer Bokhari said that the government is facing a crisis and taking such steps in the real estate will aggravate the crisis.

Real estate agents said that the backbone of economy which is real estate must not be eliminated. They opined that the government wanted to promote the construction industry but was putting restrictions on the other hand. They demanded shortening the duration of gain tax and also criticised the FBR chairman saying that he does not have the authority to claim that the market of a business is falling. 

Published in The Express Tribune, June 27th, 2019.

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