PREIF presents Budget plan for 2017-18
Pakistan Real Estate Investment Forum (PREIF) has presented their plan for the impending Budget 2017-2018 on finance to Standing Committee of National Assembly expecting that proposal will be appreciated.
President PREIF, Shaban Elahi said on Thursday that executing PRIEF proposal will enhance the local and foreign investments and will help government to multiply its revenue.
Elahi recommended that provincial governments to shrink provincial taxes like stamp duty, Capital value tax (CVT), Town Tax to minimize the proceeding cost. It will be beneficiary that large number of people will go for documented proceeding. Total rate of taxes in the province is around 7 percent which needs to be brought down, said Elahi.
He wants Federal Government against the irregularities identified during the property valuation in different areas of country with Port Qasim Authority, Landhi Industrial area, DHA City Karachi, SITE industrial area Karachi, some areas of Faisalabad, DHA valley Islamabad, Anmol Cooperative Society Lahore
Elahi demanded Federal government and FBI to take immediate action against removal of irregularities as stakeholders were guaranteed that it government will take action.
Rs 76 billion worth of assets in Real Estate sector were documented in just five months as per government records for the first time such huge amount has been documented and became part of country’s mainstream economy due to the new section 236W of the Income Tax Ordinance, he said.
He asked for reduction of the rates of taxes on property from current 2 percent to 1 percent for filers. Similarly for filer seller the rate of such taxes should be reduced to 0.5 percent from 1 percent.