Protest against heavy taxation on real estate

Rawalpindi

Representatives of real estate sector on Thursday staged a protest demonstration against the federal government over imposition of heavy taxation on transfer of land. The protesters raised anti-government slogans demanding an end to heavy taxes. They warned if the taxes are not revoked they would protest in front of the Parliament House.

A large number of protesters representing different dealers and property agents associations of the city staged a protest rally at T-Chowk, Rawat. The protesters tied black ribbons around their arms and foreheads chanting slogans against the government, Finance Minister Ishaq Dar and Federal Board of Revenue.

Rawalpindi-Islamabad Real Estate Association President Farrukh Ameer in his speech said that the government should withdraw heavy taxes imposed on the real estate sector after July 01, 2016 and tax slab should be restored at the level of 30th June that would help revival of the sector.

He demanded that 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 same valuation table and Federal Board of Revenue should adopt DC rate with an increase of 10 per cent, he demanded. He said that both buyers and sellers are tense due to high ratio of taxes.

Rawalpindi-Islamabad Real Estate Association Vice-President Colonel (r) Asif Kiani said that real estate is a dynamic sector and has the ability to attract huge foreign investment but because of adverse policies and heavy taxation, it is facing bad circumstances and struggling for survival. He said that real estate sector is the second largest job provider and its crisis would lead to the unemployment adding that transactions in real estate sectors have been fallen by around 90 per cent.

If the government withdraws taxes from real estate sector, it would enhance government’s revenue as number of transactions would increase, he warned. The other speakers said that government should provide relief both to buyers and sellers otherwise an uncertain situation will appear. There was a heavy traffic blockage at Jhelum Road during protest rally.