Hafeez Shaikh reviews ABAD’s proposals on property tax, building height restrictions

ISLAMABAD: The Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired a meeting with a delegation of the “Association of Builders and Developers Pakistan” (ABAD) here on Monday.

ABAD Chairman Hassan Bakhshi presented various proposals that could potentially enhance and boost the real estate sector in the country and improve tax collection for the government. The proposals included property taxation rates, building height restrictions in Karachi and rationalisation of property valuation tables and some other policy related exemptions that could help in the smooth functioning of the real estate sector and further accelerate the economic activity in the country.

Hafeez Shaikh discussed the proposals in detail with the delegation and after taking the views of the Federal Board of Revenue (FBR) Chairman Shabbar Zaidi, assured the members of the delegation that all possible help will be provided to the sector keeping in view the principles of equity, transparency and fair play. The adviser said that he realizes the importance of the business and wants to engage more with the sector for better facilitation and understanding.

He further directed the delegation to refine their proposals for a positive outcome and meet again in the second week of January so that the matters could progress ahead.

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