FBR to determine real estate prices: Dar

This decision has been taken after several weeks of negotiations between Dar and real estate sector representatives.

“Those who will sale properties within three years will have to pay tax. 10 percent tax will be imposed on sale of property in first year. Second year the tax will be 7.5 percent, while third year it will be reduced to 5 percent,” he said, while talking to media men, adding that withholding tax will be imposed on the property worth Rs4 million or above.

The minister said a large number of overseas Pakistanis invest on real estate and nobody needed to get blackmailed over prices of properties.

While, Finance Minister Khyber Pakhtunkhwa Muzaffar Syed has turned down the agreement between property dealers and the federal government and termed it interference in provincial autonomy. He said provinces were not consulted in this regard.

President Pakistan Tehreek-e-Insaf Balochistan Sardar Yar Muhammed Rind said people of Balochistan and other provinces will not accept this decision. According to 18th Amendment, provinces possessed rights of property tax.

Govt decides to keep oil products prices unchanged for August

The federal finance minister has also said that the government has decided to keep oil products prices unchanged for August.

Dar said the decision to keep the prices same till August 31 was taken on the directive of Prime Minister Nawaz Sharif.

Oil and Gas Regulatory Authority (OGRA) summary regarding oil products prices was rejected by the government, he said.

“Around 4-7 percent oil prices have increased at international level. However, the government has decided it not to affect the local market,” he said.

He said the government will provide subsidy of Rs2 billion on price of petroleum products.

Ishaq Dar said maximum relief on oil prices was being provided to people. He said the prices of petroleum products in Pakistan were comparatively lower than other countries in the region.