THIS is with reference to the letters
‘Property valuations’ (July 29). I am surprised at the argument that if the
government sticks to its stand, there will be flight of capital and the
government will be the loser owing to reduced taxes.
First of all, it is well-known that holders of
black money have invested in the property market, resulting in highly-inflated
prices owing to which the average middle class Pakistani can no longer buy or
build a house of his own.
Because of the massive difference between the
declared prices and the actual ones, the government has been able to realise
only rupees four billion annually from the entire property sector in which
rupees seven trillion have been parked.
Why is the government even negotiating with
such people? The law says that those who evade taxes must be penalised, yet
these racketeers are forcing the government to accept their highly-reduced
property valuations and grant them an amnesty for past crimes.
If the government gives in and announces an
amnesty for them, what message will it convey to those who have been paying
their taxes all their lives? It should strictly enforce the law and penalise
those who have cheated on taxes. The government should recover taxes and
penalties based on the actual prices paid.
It should ignore their threat of going on
strike. Even if they go on strike for the whole year the loss to the exchequer
will be negligible.
Shakir Lakhani
Karachi
Karachi
Published in Dawn,
August 14th, 2016
http://www.dawn.com/news/1277439/property-valuations
Post a Comment