ISLAMABAD: Federal Minister and Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan on Tuesday assured the real estate industry that the government would sincerely consider and welcome any budget proposals that promote businesses and bring in more revenue.
“The government is not there to merely tax the people and their businesses, but to offer them a level playing field which can help boost and sustain healthy growth of their businesses,” he said while talking to a delegation of Federation of Realtors of Pakistan (Real Estate) which met him at FBR House. Realtors Federation President Major Muhammad Rafique was leading the visiting delegation which also presented a set of proposals and recommendations to the minister for the uplift of the real estate business in Pakistan.
Other office-bearers and members of the Federation, including Rana M Arshad, Israr Ul Haq, M Aslam Khan Dawar, Javed Khattak, M Ahsan Malik, Shafqat Bandesha, Ch Ihsan ul Haq, Ch Tahir Masood, Mian M Naeem, Muhammad Waseem Chaudhry and Muhammad Faizan were also present.
Haroon Akhtar Khan assured the delegation that the government understood the issues and concerns of the real estate sector and the recent revision of FBR valuation rates for few localities in six cities of the country in response to a number of representations made to the government in recent months, was a proof of the government’s intention and sincerity to resolve the issues hindering growth and resultantly leading to dwindling of revenues from this critical source for the government.
He added the government was also actively considering ways and means to attract overseas Pakistanis to bring their hard-earned money and assets back to Pakistan.
Earlier, Realtors Federation President Major Muhammad Rafique and Chairman Musarat Ejaz Khan briefed the minister on taxation issues which they said were impeding growth in the sector and requested for their resolution to increase the investors’ confidence, accelerate the growth of the real estate business and the entire value chain and boost government revenue. They also requested for measures to reduce the hardships of the developers, eliminate cash economy, promote financial inclusion, boost economic activity and create a friendly tax culture.