WhatsApp Logo Subscribe
For News Alert

News

Lahore’s property dealers oppose further taxation of real estate sector  

By News Desk

May 26, 2024 04:37 PM


File Photo

Twitter Share Facebook Share WhatsApp Share

Reacting to the hint dropped by the government that it may levy more taxes on the real estate sector on the instructions of the IMF, the property dealers of Lahore have made it clear that they are opposed to any such move, reported 24NewsHD TV channel.

Demanding relief from the government, Property Dealers’ Association Chief Coordinator Muhammad Saeed said on Sunday that already property dealers were paying five different kinds of taxes. “And now they cannot bear any further taxes,” he said, adding that increased taxation had resulted in 75 per cent drop in the sale of plots in the city. “That is why Pakistanis today prefer to purchase properties in Dubai,” Saeed said, adding, “Due to 22 per cent interest rate, people deposit their amounts in banks and earn profits.”  

He made it clear that unless the government reduced the interest rate and introduced incentives for the real estate sector, foreigners would not invest in Pakistan. “Dubai, which is surrounded by desert from all sides, thrives only because of its real estate sector,” Saeed said.  

 

 

Reporter: Saeed Ahmad


News Desk


Most Read

  1. FJMU celebrates approval of four gynecology sub-specialties FJMU celebrates approval of four gynecology sub-specialties
  2. ‘Officially a mom-in-law’: Iffat Omar announces daughter’s engagement ‘Officially a mom-in-law’: Iffat Omar announces daughter’s engagement
  3. Bangladesh death toll reaches 105 as govt struggle to quell urest Bangladesh death toll reaches 105 as govt struggle to quell urest
  4. Lahore tram project gets Maryam Nawaz's approval Lahore tram project gets Maryam Nawaz's approval
  5. Woman kidnaps anti-feminist Khalilur Rehman Qamar, FIR registered Woman kidnaps anti-feminist Khalilur Rehman Qamar, FIR registered
  6. Danish Taimoor and Hiba Bukhari's intimate scene from ‘Jaan Nisar’ provokes serious debate Danish Taimoor and Hiba Bukhari's intimate scene from ‘Jaan Nisar’ provokes serious debate