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Wednesday June 19, 2024

Developers chalk out policy framework with CDA

June 03, 2023

Islamabad:Islamabad Developers Association (IDA) organised a conference with the builders and developers of the capital to discuss proposals for the upcoming budget in addition to working on a policy framework with CDA with a primary focus on issues related to bylaws, says a press release.Sardar Yasir Ilyas Khan, President of IDA stated that this is a community led organization comprising developers and stakeholders involved in the development of Islamabad. The conference was attended by several participants including Ch. Naseer (Chairman Maroof Internatioanl hospital & Silveroaks) Sardar Tahir (President IEAA & Federation of Realtors) Kamran Khalid , Awais Ali , Farhan Ahmed , Syed Bilal, Ijaz Abbasi, Tahir Abbasi , Haji Aslam , Rizwan Aslam, Shahid Khan , Mohammad Qasim, Shiraz Khan, Shaviz Riaz ,Farooq Shiekh , Habib Abbasi , Umar Hussain, Yaseen, Saad Khan, Altaf Khan, Kamran Ghazi , Masud Chaudhry, Ahmed Ibrahim, Mian Adnan , Mustafa Bin Talha and Tariq Afridi .

It was highlighted that 236K related to withholding tax on sale and purchase of property has had a detrimental impact on property transactions due to the additional cost levied on non-filers. For sellers it has doubled to 4% and for non-filer purchasers it has gone up to 7 per cent. Capital gain tax period should also be reduced to 4 years from 6. Policy related to section 7E which applies taxes on deemed income on additional property has further led to a reduction in the purchase of properties due to the additional tax burden. This has deterred both investors and end users from acquiring additional properties and overseas remittances would also decline further since most of those funds were also being invested in property. Furthermore, CVT on foreign assets would discourage people from declaring their assets or becoming tax residents in Pakistan.