Real Estate-Implementation and Reservations On Property Taxes
New Property Taxes is putting Negative impact on Real Estate Market said Experts, Mr. nasir saeed, Aslam Ghuman, Imran Afzal, Yousaf Chuhan, Dr. Khalid, Mian Athar and Mr. Asghar Goraya expressed their view in Jang Economic session.
In Lahore, Jang Economic session “Property Sector- Implementation and reservations of new property taxes’ of was held in Royal Palm Country Club, where experts of real estate business express their views regarding new property tax. All the members agreed to one point that, these taxes have put severe negative impact in the market. Our leaders should abandon their luxury living styles to bring better investment opportunities in real estate sectors. If the investment opportunities will not be given light by the leaders then it will raise the inflation and unemployment t in the country. Real estate is among the most booming business in Pakistan, which brings foreign investment in the country and addressing the needs of growing population and unemployment. All the experts said, Government should start the taxes from their houses before taking it from the general public. These types of taxes do not provide relief to the public but a way to hype corruption in the country.
Property sector plays important role in country’s economic and progress. This sector is providing more employment in the country as compared to other sectors. Foreign and national investment is growing because of real estate business in the country, Said Mr. Nasir Saeed.
Real Estate is helping in generating more revenue in the country; it’s not only promoted foreign and National investment but also helping to counter the need of employment, said Mr. Brigadier Muhammad Aslam.
The implementation of Property tax was started in 1993 and till that day, the receiving of property taxes in one shape or other is continued. Govt. took this property tax stance to increase the revenue but it seems that rather than generating revenue it may increase corruption and will affect the overall revenue generation, said Imran Afzal.
Real Estate Development is a back bone of economics of Pakistan. Billions of foreign investment is coming in Pakistan because of real estate sector, said Mr. Yousaf Chuhan.
At this time, this expression that taxes are only dealer’s issues is very wrong, people wants to develop the culture of tax in society, said Mr. Dr. Khalid.
The increase of Property taxes in rush will affected the investors in long run. Further the unemployment will increase problems for the public, said Mr. Mian Athar.
Real Estate is not only a full scale business, but also helping other apx. 72 small sectors to run in the country. Real estate is providing employments in a large scale, so one cannot ignore the importance of real estate business in the economics of Pakistan. The need of the time is, we do not hurry in making new taxes laws. Due to this decision of government, the investment in Pakistan will shifted into Dubai, Malaysia and other foreign countries, Said Mr. Asghar Goraya, CEO Fast Marketing Consultants. Pvt. Ltd.