{"id":23421,"date":"2016-10-26T17:31:39","date_gmt":"2016-10-26T12:31:39","guid":{"rendered":"http:\/\/www.zameen.com\/blog\/?p=23421"},"modified":"2020-06-15T14:36:41","modified_gmt":"2020-06-15T09:36:41","slug":"abad-threatens-to-stop-construction-activity-over-new-tax-regime","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/abad-threatens-to-stop-construction-activity-over-new-tax-regime.html","title":{"rendered":"ABAD threatens to stop construction activity over new tax regime"},"content":{"rendered":"

\"abad\"<\/p>\n

Real estate builders and developers have been given a one-week deadline<\/u><\/a> to pay their taxes per the Federal Board of Revenue (FBR)\u2019s new rules. The deadline expires on Monday, October 31, 2016.<\/p>\n

In response to this, Association of Builders and Developers (ABAD) has threatened to close down all construction activities in the country if the new property valuation mechanism isn\u2019t deferred for the current fiscal year.<\/p>\n

According to a press release, ABAD Chairman Mohsin Sheikhani has demanded the government restore the old tax regime until the next budget and requested the Sindh Building Control Authority (SBCA) to withdraw betterment charges. He further stated that SBCA is not a development authority that can levy these charges on builders.<\/p>\n

He revealed that over 60% construction activities of worth PKR 100 billion in the country have come to a halt due to the new property tax rules<\/u><\/a> set for real estate builders. According to Sheikhani, the construction industry pays almost 7% of the project cost as bribe, which in turn increases the cost of buying property for genuine buyers.<\/p>\n

Sheikhani emphasised that in addition to pausing construction activities, ABAD also holds the right to take FBR to court. The press release also highlighted the fact that the DC Rates of properties for the purpose of tax calculation have been in place for 63 years and they cannot be changed overnight.<\/p>\n

The press release pointed out that House Building Finance Company doesn\u2019t approve loans for houses worth more than PKR 1.5 million and the loan amount has also been restricted to PKR 1.275 million. It further stated that despite court orders, Sui Northern Gas Company isn\u2019t providing new connections to the residential societies.<\/p>\n

ABAD also fears that the imposition of new taxes on property transactions will encourage capital flight<\/u><\/a> to other countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate builders and developers have been given a one-week deadline to pay their taxes per the Federal Board of Revenue (FBR)\u2019s new rules. The deadline expires on Monday, October 31, 2016. In response to this, Association of Builders and Developers (ABAD) has threatened to close down all construction activities in the country if the new property valuation mechanism isn\u2019t deferred for the current fiscal year. According to a press release, ABAD Chairman Mohsin Sheikhani has demanded the government restore the old tax regime until the next budget and requested the Sindh Building Control Authority (SBCA) to withdraw betterment charges. He further stated that SBCA is not a development authority that can levy these charges on builders. He revealed that over 60% construction activities of worth PKR 100 billion in the country have come to a halt due to the new property tax rules set for real estate builders. According to Sheikhani, the construction industry pays almost 7% of the project cost as bribe, which in turn increases the cost of buying property for genuine buyers. Sheikhani emphasised that in addition to pausing construction activities, ABAD also holds the right to take FBR to court. The press release also highlighted…<\/p>\n","protected":false},"author":18,"featured_media":23422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[3527],"persona":[],"class_list":{"0":"post-23421","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"tag-builders-response-on-fbr-tax","9":"cat-15016-id"},"acf":[],"yoast_head":"\nABAD threatens to stop construction activity over new tax regime - Zameen News<\/title>\n<meta name=\"description\" content=\"Real estate builders and developers have been given a one-week deadline to pay their taxes per the Federal Board of Revenue (FBR)\u2019s new rules. 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