The recent increase in taxes on the sale/purchase of property by the FBR is like killing the goose that lays the golden egg. The target of collecting additional Rs70 billion in taxes nationwide seems to have backfired. Property transactions are at a standstill since July and the average tax revenue doesn’t match with the tax revenue of the same period a year ago. In any democratic country, taxes are not raised at high rates but are raised at a nominal amount after a thorough discussion in parliament.
The government should look into the matter and revise the tax schedule so that the real-estate business grows in the country.
Ahsan Samad
Karachi
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