Representatives of real estate sector threaten protest

PESHAWAR: The representatives of real estate sector on Tuesday threatened to launch a ‘country-wide’ protest campaign against imposition of heavy taxes on real estate sector.

Speaking at a news conference at Peshawar Press Club on Tuesday, Federation of Realtors Pakistan Chairman Ejaz Khan said that the government didn’t fulfill its commitment regarding bringing down the existing tax-ratio on real estate sector at level of 2016. No review was made in tax slab of real estate sector for the three years, he added.

“The real estate is a dynamic sector and has the ability to attract huge local as well as foreign investment,” said, adding, however, the sector was facing bad circumstances and struggling for survival due to adverse policies and heavy taxation.

Association’s central vice-president Aslam Khan Dawar, KP Property Dealers Association president Javed Khattak, and scores of the investors attached with real estate business were also present on the occasion. Ejaz Khan said that the government had generated revenue of billions from the sector annually.

He claimed that the real estate sector was the second largest job provider and its crisis would lead to the unemployment, adding that the transactions in real estate sectors had considerably decreased across the country. “If the government withdraws taxes from real estate sector, it would enhance government’s revenue as number of transactions would increase,” he added. He urged the government to provide relief both to buyers and sellers or else an uncertain situation would emerge.

Ejaz Khan said that if the government didn’t accept their demands, they would start agitation campaign from Peshawar to Karachi, which would continue till the withdrawal of heavy taxes on the real estate sector. He announced they will hold a protest demonstration today (Wednesday) outside the building of Peshawar Development Authority against the heavy taxation on the real estate sector. Javed Khattak said there was a dire need to give full protection to the real estate sector as it was contributing huge chunk to boost the economy.