Real estate sector should be saved from destruction: Mohammad Younis Rizvi

Increasing the duration of capital gains tax and demand rental tax is a cruel decision

Due to the implementation of unnecessary taxes, thousands of people will become unemployed, Finance Secretary Defeclare

The real estate sector should be saved from destruction, the real estate sector has become a victim of misery due to the unnecessary taxes imposed in the budget.

the real estate sector has become a victim of misery, Pakistanis living abroad who invest in real estate have stopped investing due to which the inflow of foreign exchange in the country has decreased and the employment of  thousands of people has been at stake. Defense and Clifton Association of Real Estate Agents Finance Secretary Mohammad Younis Rizvi expressed these views in a statement. He said that due to the increase in capital gain tax period, investors are worried.

He said that the demanding tax is a cruel decision and the imposition of tax on a building that has not yet been built is beyond understanding and is tantamount to destroying the sector. He said that the future of 70 industries related to real estate is at stake due to the government’s decision.

He further said that the people associated with real estate have been demanding the rulers to give real estate an industry sector for a long time, but till now it has not reached the ears of any ruler, but when tax is to be imposed, the real estate sector The first of these comes to mind. Muhammad Yonus Rizvi has appealed to the federal government to review the tasks that were not done in the real estate sector in the recent budget to save this sector from being destroyed and the stoves of millions of people’s homes from going cold.