THE National Assembly Standing Committee on Finance, the FBR, political parties and stakeholders are all embroiled in a heated debate to resolve the anomalies in property valuation rates across the country.
As a result of this tug-of-war, the local investor is transferring his wealth abroad, the expatriate Pakistani is not sending in remittances and the State Bank’s foreign currency reserves are dwindling.
Owing to the acute housing shortage in the country, everyone wants to buy a flat or plot to build a house but they are deterred by the rising taxes on sale and purchase of property.
The authorities concerned should make investor-friendly policies so that Pakistanis bring their wealth from abroad back to the country.
Published in Dawn, March 20th, 2017