Property Dealers Demand Decrease in Taxes on Property Transfer

Last night, property dealers registered their protest against the rise in tax rates on property transfers in Lahore. The protesters staged a sit-in at Charing Cross (Faisal Chowk) to convey their demands to the government. Members of All Pakistan Property Dealers Association attended the sit-in and held a rally against the enhanced tax rate. The dealers demanded that authorities should abolish the heavy taxes imposed on the transfer of properties. The government introduced this tax in a bid to boost revenues. However, dealers say that many property deals have been canceled in the wake of the new taxes. ALSO READ Rs. 700 Million Property Tax Uncollected From 14 Unions Councils in Rawalpindi The protesters told that they will keep their offices closed until the government accepts their demands. The members demanded that the taxes imposed on the real estate after July 01 2016 should be withdrawn. Furthermore, they said that the tax slab should be restored to the level it used to be before 30th June 2016. Otherwise, the health of the property sector and its dealership will not be able to survive under the presently uncertain economic climate. Punjab Police and the dealers’ association tried to solve the matter through negotiations yesterday. However, their talks did not yield any breakthrough. The situation escalated for the worst, as a huge police contingent was called in to crackdown against the protesters. Police have so far arrested 50 members of the association as well and registered cases against them as the protest was forcefully put to an end.