ABAD chairman says 14-member committee has been set up to discuss the issue
Adviser to Prime Minister Haroon Akhtar has assured the Association of Builders and Developers of Pakistan (ABAD) for resolving the issue of the valuers of property prices and nominated a 14-member committee headed by the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) president.
The ABAD has strongly rejected the government’s efforts to give extraordinary discretionary powers to the income tax commissioner for determining value of property terming it opening of another gateway of corruption.
ABAD Chairman Hanif Gohar said, “We have discussed the issue in detail with the Federal Board of Revenue (FBR) officials and Haroon Akhtar on Monday, but the decision will be taken after another meeting which will be held on Friday or Saturday. A committee has been set up to discuss the issues in the FPCCI.”
However, FPCCI Senior Vice President Khalid Tawab said the meeting will discuss the land valuation issue in the FPCCI prior to the sitting with Haroon Akhtar. He claimed that the issue would be resolved soon.
Hanif Gohar warned the government against levying unnecessarily heavy taxation on the construction sector and raw materials including cement and steel, as this will not only lead to massive flight of capital from this sector but also effect growth of tax net.
Adviser to Prime Minister Haroon Akhtar and FBR Chairman Nisar Muhammad Khan in Islamabad were present in the meeting with the FPCCI led by its acting President Khalid Tawab. Zubair Tufail and ABAD Senior Vice Chairman Arif Yousuf Jeewa and others were also present during the meeting.
The officials said the government, by amending section 68 (2) of the Income Tax Ordinance 2001, wants to enhance discretionary powers of the tax officials, which is against the announced policy of the Federal Board of Revenue and this amendment, if carried, would open floodgates of corruption, which is not acceptable to construction sector and will also be detrimental to the prosperity of the country.
He said unjustified FED, imposed in thefederal budget, will have drastic impact on the construction sector as cement is already being sold at exorbitant prices in Pakistan compared with other parts of the world.
