ISLAMABAD -UNS: General Secretary of Real Estate Consultants Association (RECA) Adil Nawaz Bhatti has said that the Construction amnesty is need of the hour. The announced package for Overseas Pakistanis is incomplete. In order to attract overseas Pakistanis to invest in the country, they should be allowed to withdraw part of their foreign currency whenever and wherever they want.
Talking to the media, Adil Nawaz Bhatti said that the limit of 100,000 dollars per year should also be significantly increased. It is necessary to reduce the interest rate for the promotion of business activities.
With the current interest rates, it is impossible to get the country out of economic crisis. A sudden increase in DC value of property and FBR rates will have a negative impact on the real estate and construction sector.
Adil Bhatti said that It will take time to fix the 75-year-old system.A gradual annual increase in DC and FBR rates will sustain the growth of the sector and continue to increase revenue.
The withholding tax will also have to be reduced in proportion to the increase in the valuation table. Give incentives to filers to achieve government revenue targets. 0.6% tax on cash withdrawals from banks is tantamount to cruelty to the poor man.
