The real estate sector has no role in the lack of industrial development or business development, Shaban Elahi. Photo: Facebook
Karachi: The Pakistan Real Estate Investment Forum opposed the increase in the rate of withholding tax on real estate in the federal budget.
Pakistan Real Estate Investment Forum opposes the increase in the rate of withholding tax on real estate and property investment and purchase and sale in the federal budget of the next financial year and has made supportive policies for investment in the real estate and property sector in the next financial year. The need is emphasized.
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PRIF President Shaban Elahi has said that due to the policies of the current and previous governments, business did not develop in Pakistan and a supportive and conducive environment was not available for industries, due to which capital was diverted to the real estate and property sectors. turned to, the real estate sector itself has no role in the lack of industrial development or business promotion in the country, rather it is the poor policies of the governments due to which capital was invested in real estate instead of business.
He said that this move is unfair that investors should first pay tax on their income and then pay tax on investment in real estate or property. Because of this, billions of rupees of capital are being transferred to Turkey and Dubai on a daily basis.
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