LAHORE: Real estate agents have asked the government to withdraw heavy taxes imposed on July 1 on the property sector and restore tax slab at the level of June 30.

The demand was raised at a meeting on Friday between the Lahore Chamber of Commerce and Industry (LCCI) Vice-President Muhammad Nasir Hameed Khan and President of Defence Housing Authority’s Estate Agents Association Muhammad Rafiq Hasrat, who was leading a 30-member delegation.

The participants demanded that as like stock exchange, investors of real estate should be given amnesty so that buyers of property could easily show the sources.

“The federal government and provinces should collect tax at the same valuation table and the Federal Board of Revenue (FBR) should adopt deputy commissioner (DC)-approved rate of property with an increase of 10 per cent,” they said. “The property owners who have completed the time span of two years by the end of June 2016 should be given zero gain tax status. Withholding exemption should be increased to Rs6 million from Rs4m.”

It was also demanded that the Punjab government should merge capital value tax and stamp duties and collect only 3pc single tax.

Speaking on the occasion, Mr Hameed said real estate has the ability to attract huge foreign investment, but it is struggling for survival because of bad policies and heavy taxation.

Our reporter from Karachi adds: Meanwhile, representatives from all over Pakistan during a real estate agents convention have announced to launch a countrywide strike from Oct 24 against double valuation taxes imposed by the FBR on property.

Sit-ins outside FBR offices will be part of the campaign.

The convention was held on Thursday by the Defence and Clifton Association of Real Estate Agents.

Published in Dawn, October 22nd, 2016