Published On: Wed, Mar 21st, 2018
Published in Category: Islamabad

ICCI urges FBR to stop from harassing builders and developers

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Islamabad: Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry has urged the Federal Board of Revenue to stop harassing builders and developers because such tactics would discourage investment in the real estate sector and hurt the economic growth of the country.

He said on the pretext of expanding tax net, FBR has started issuing notices to builders and developers for providing details of buyers of shops and flats in the construction projects which was not a wise approach as it was creating harassment in the business community of real estate sector.

He said that after the agriculture, construction industry was the second largest jobs providing industry in the country and the growth of over 100 other ancillary industries was directly linked with the growth of construction industry. He said many countries in the world were providing good incentives to the real estate and construction industry in order to give boost to economic activities, but in Pakistan, tax machinery was taking measures to create more difficulties for this industry. He said all the details were provided to FBR at the time of transfer of property while the builders and developers were paying gain tax and advance tax on the lease and registration of property.

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