Strike Against the Increase in Taxes by KP Property Retailers
Due to the Federal Board of Revenue’s (FBR) decision to increase property taxes on both residential and commercial plots, the Khyber Pakhtunkhwa property Retailers Association (KPPRA) has called for a nationwide strike on December 10th.
The protest will also be attended by DHA and Peshawar Development Authority retailers (PDA). Tuesday, at a joint press conference held at the Peshawar Press Club, association officials urged the government to reverse its decision to raise property taxes.
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Siraj-ul-Haq, a retailer and member of the organisation, stated that the high tax rates will have a disastrous impact on property investors in Khyber Pakhtunkhwa. Before announcing a tax rise, FBR had not won the confidence of all investors. Abid Ali argued that the government should provide some relief rather than impose further burdens (DHA Retailer Association President).
Moreover, he noted that this government-initiated action will raise unemployment in KP, and investors will not accept the FBR’s new tax policies.
Real estate agents urged that the tax rules be revised in accordance with their suggestions, or they will protest. They held a protest march and chanted slogans against FBR and the federal government in front of the Peshawar Press Club earlier.
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In the meanwhile, the FBR on Tuesday put on hold the recently notified valuation regulations until January 16, 2022, allowing registration of pending transactions.
Tuesday, the tax department produced a list of complaints from throughout the nation protesting the hike in tax rates. FBR issued comprehensive instructions via Office Memorandum (OM) to review and justify the issues.
It has been determined to evaluate the notified value table, and the revaluation will be re-notified on January 15 and implemented on January 16.
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