Federation of Realtors Pakistan (FORP) has urged Chief Minister Sindh Syed Murad Ali Shah to bring down SRB taxes for real estate services from existing 10 percent to two percent in the province and take steps to address issues faced by real estate industry to increase tax collections.
A delegation of federation headed by its President Maj. (Retd) Rafiq Hasrat called on the Chief Minister Syed Murad Ali Shah at chief minister house here on Tuesday. Other members of the delegation included federation Vice President Sindh Mohammad Bashir Memon, Vice President Balochistan Syed Faizan Shah and Mian Ather.
During the meeting, Hasrat apprised the chief minister of difficulties faced by realtors in Sindh province. He demanded to reduce taxes on services of real estate agents as they are already overburdened by FBR taxes and resulting in less collection. A regulatory authority should be established for real estate industry.
Realtors are ready to pay rational taxes but recovery of their two percent of the deal commission should also be ensured through legal binding, he added.
Vice President Sindh Mohammad Bashir Memon informed Syed Murad Ali Shah that realtors in Sindh are being issued notices and realtors feel harassed by Sindh Revenue Board (SRB) which should be stopped. There is a decrease of 70 percent in transactions of real estate due to FBR taxes, SRB services tax high rate, ban on the ground plus two-story buildings and compulsion of completion certificate in Sindh, he told.
He urged chief minister to take appropriate steps to improve this situation and for providing the business-friendly environment.
Talking to delegation members, Syed Murad Ali Shah lauded the formation of Federation of Realtors Pakistan and hoped it will play its important role for the betterment of this industry. By facilitating office bearers of the federation, the chief minister said real estate industry is very vital in the country economy and its role can’t be ignored even in the development of Sindh.
Chief Minister directed the SRB officials to hold meetings with federation officials to solve all issues amicably. The government of Sindh will try its best to facilitate this industry and in solving its issues.