ABAD terms FBR move a conspiracy against national economy

KARACHI: Chairman Association of Builders and Developers of Pakistan (ABAD) Arif Yousuf Jeewa, strongly opposing notices issued by the Federal Board of Revenue (FBR) to builders and developers for providing details of allottees, has said that the irresponsible move of the FBR looks like a deep-rooted conspiracy against the economy of the country.

He was of the view that this move will not only sabotage proposed Tax Amnesty Scheme of the federal government but also badly affect foreign investments, which will damage already ailing economy of the country.

Chairman ABAD said that the construction sector is second largest job provider sector and the government should take action to stop harassment and boost this important sector of the economy. He said that the FBR has issued notices to various builders and developers for providing details of allottees of shops, flats and other commercial and residential units.

He told that the adverse move of the FBR is just to harass builders and developers as all builders and developers are providing details of allottees to the FBR at the time of property registration. The FBR is collecting Capital Gain Tax (CGT) and Advance Income Tax at the time of registration and lease of the properties, he said adding that if the FBR will not change its attitude, builders and developers will be contained to sale and purchase of properties and the construction sector will be abolished gradually.

He said that ABAD is trying to bring foreign investments into Pakistan and a number of foreign investors are ready to invest into real estate sector of Pakistan but the move of FBR has again wavered trust of foreign investors and Pakistan has lost billions of rupees investments in this sector.

 Chairman ABAD said that the proposed Tax Amnesty Scheme is meant to bring in assets of Pakistanis residing abroad but the FBR is hell bent upon to fizzle out this scheme which is nothing but a conspiracy against the economy of country.

Arif Jeewa appealed to Prime Minister Shahid Khaqan Abbasi, Advisors to PM Miftah Ismail and Haroon Akhtar to take serious notices on FBR move and save builders and developers from undue harassment from tax officers and save the construction sector.

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