THIS refers to the letter ‘Taxing poor’ (Sept
7). The writer claims that the FBR has increased taxes on property sale and
purchase by 2,000pc. If this were true, it would mean that property valuation
has been increased by a factor of 20.
A house previously being assessed at Rs10
million, for instance, would now be assessed at Rs200 million. As far as I
know, this has not happened, except in some isolated cases where the declared
value was ridiculously low and investors/speculators were indulging in massive
tax evasion.
As for the writer’s assertion that property
transactions have been at a standstill since July 1, this only proves that
there are few genuine buyers and property prices have gone through the roof
owing to manipulation by investors and speculators, similar to what happens
with share prices.
Shakir Lakhani
Karachi
Karachi
Published in Dawn,
September 26th, 2016
http://www.dawn.com/news/1286156/tax-and-property
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