{"id":100331,"date":"2024-11-01T13:13:09","date_gmt":"2024-11-01T08:13:09","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100331"},"modified":"2024-11-01T14:57:54","modified_gmt":"2024-11-01T09:57:54","slug":"property-valuation-rise-could-lead-to-capital-flight","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/property-valuation-rise-could-lead-to-capital-flight.html","title":{"rendered":"Property valuation increase by FBR could lead to capital flight: IDA"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Islamabad: Sardar Yasir Ilyas Khan, President of the Islamabad Developer Association and former President of the Islamabad Chamber of Commerce and Industries, has expressed serious concerns over the recent announcement by the Federal Board of Revenue (FBR) to <a href=\"https:\/\/www.zameen.com\/news\/fbr-adds-12-new-cities-for-property-valuation.html\" target=\"_blank\" rel=\"noreferrer noopener\">revise property valuation rates<\/a> upward across 56 cities, effective from November 1, 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a statement, Khan warned that this increase in property valuation rates is expected to have detrimental effects on Pakistan\u2019s real estate landscape and could potentially lead to further capital flight. He emphasized the significance of the real estate industry, which serves as a driving force for approximately 60 allied sectors. Khan highlighted that this decision could severely impact these sectors, creating a ripple effect throughout the economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-receives-nadra-data-on-195000-wealthy-non-taxpayers.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR receives NADRA data on 195,000 wealthy non-taxpayers<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While acknowledging that the intention behind the FBR&#8217;s move may be to satisfy the International Monetary Fund (IMF) and reduce the country\u2019s fiscal deficit\u2014currently at a concerning 6% of Pakistan\u2019s GDP, amounting to Rs. 7 trillion\u2014Khan stressed the importance of engaging with the business community before implementing such significant changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cMaintaining business confidence is crucial in the face of policy changes,\u201d Khan stated, adding that the current economic climate requires careful consideration to avoid disruptions in the business sector. He pointed out that the introduction of the Federal Excise Duty (FED) and the recent increase in capital gains tax to 15% this year have already contributed to a cessation of wealth circulation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/non-filers-face-property-purchase-restrictions.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt targets non-filers with property, vehicle purchase restrictions<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Highlighting the contributions of Pakistani investors to the Dubai real estate market\u2014amounting to USD 11 billion\u2014Khan noted that these investors represent the second largest group of investors in the United Arab Emirates. He called for ongoing dialogue between the FBR and the business community to find a balance between achieving revenue targets and ensuring sustained growth and stability within the real estate sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As stakeholders await the implementation of the revised property valuation rates, the Islamabad Developer Association emphasizes the need for collaborative efforts to safeguard the interests of the real estate industry and the economy as a whole.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Sardar Yasir Ilyas Khan, President of the Islamabad Developer Association and former President of the Islamabad Chamber of Commerce and Industries, has expressed serious concerns over the recent announcement by the Federal Board of Revenue (FBR) to revise property valuation rates upward across 56 cities, effective from November 1, 2024. In a statement, Khan warned that this increase in property valuation rates is expected to have detrimental effects on Pakistan\u2019s real estate landscape and could potentially lead to further capital flight. He emphasized the significance of the real estate industry, which serves as a driving force for approximately 60 allied sectors. Khan highlighted that this decision could severely impact these sectors, creating a ripple effect throughout the economy. Read: FBR receives NADRA data on 195,000 wealthy non-taxpayers While acknowledging that the intention behind the FBR&#8217;s move may be to satisfy the International Monetary Fund (IMF) and reduce the country\u2019s fiscal deficit\u2014currently at a concerning 6% of Pakistan\u2019s GDP, amounting to Rs. 7 trillion\u2014Khan stressed the importance of engaging with the business community before implementing such significant changes. \u201cMaintaining business confidence is crucial in the face of policy changes,\u201d Khan stated, adding that the current economic climate requires careful consideration&hellip;<\/p>\n","protected":false},"author":18,"featured_media":100335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[3281,3193,22421,60051,11728,57913,34475,3294,998,60052],"persona":[],"class_list":["post-100331","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-developments","tag-capital-gains-tax","tag-federal-board-of-revenue","tag-federal-excise-duty-fed","tag-fiscal-deficit","tag-imf","tag-islamabad-developers-association","tag-pakistan-economy","tag-property-valuation","tag-real-estate-market","tag-sardar-yasir-ilyas-khan","cat-15016-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Property valuation rise could lead to capital flight - Zameen News<\/title>\n<meta name=\"description\" content=\"Khan highlighted that this decision could severely impact 60 allied sectors, creating a ripple effect throughout the economy...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/property-valuation-rise-could-lead-to-capital-flight.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property valuation rise could lead to capital flight - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Khan highlighted that this decision could severely impact 60 allied sectors, creating a ripple effect throughout the economy...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/property-valuation-rise-could-lead-to-capital-flight.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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