KARACHI: The business community has urged the government to expand the tax amnesty scheme offered to the real estate industry for all sectors of the economy.

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has formed a 14-member committee to negotiate issues related to revaluation of proprieties.

In a meeting of the FPCCI it was largely viewed that the black money was not parked only in the real estate sector.

FPCCI acting president Shaikh Khalid Tawab said that apex body has proposed to give tax amnesty to ‘black money’ wherever it was parked.

He said that the next meeting is scheduled for July 27 to be chaired by Finance Minister Ishaq Dar to finalise the rate of the tax that the businesses wish to be three per cent but the government proposed it to be 10pc.

Zubari Tufail, Senior Vice-President, FPCCI, said that the size of black economy in the real estate sector value about Rs8,500bn. He disclosed that the government has dropped the idea of appointing evaluators from the State Bank of Pakistan.

Association of Builders and Developers of Pakistan Chairman Muhammad Hanif Gohar felt that the real reason that motivated the government move is China-Pakistan Economic Corridor (CPEC) that required large swath of land for motor ways. Besides official with inside information wish to buy land cheap to sell it at premium as its value increase after the completion of CPEC related projects.

Gwadar Chamber of Commerce and Industry Chairman Faisal Dashti said that with $68bn foreign debt the economy had been under tremendous pressure and every child born with a debt burden of Rs150,000.

Published in Dawn, July 24th, 2016