Pakistan’s Attractive Rate of Investment


 Karachi: A minister said on Wednesday that, considering Pakistan’s attractive rate of return, overseas Pakistan invests at least US$8 billion per year in the local real estate industry.
“Overseas Pakistan repatriates about 18 billion U.S. dollars, of which the real estate industry is estimated to have 8 billion to 10 billion U.S. dollars in loans... Real estate is the most attractive way to attract foreign capital inflows,” said Treasury Secretary Lana Mohammad. Avzar said in a meeting with the head of the office of the Association of Builders and Developers (ABAD).
However, the minister criticized the large-scale investment in the real estate industry. He said, “The government and independent experts have reservations about investing in this industry because most of the funds in this part of the economy are not recorded.”
The minister said that the real estate business did not pay taxes accordingly. "This is a major concern and it is unacceptable."
He suggested that the person in charge of the ABAD office should focus on providing low-cost housing programs for ordinary people, and ensure that the government will provide support in this regard.
Best property developers in Lahore


Due to opposition from builders and developers, tax officials harassed them by raising audit objections. The minister stated that the Federal Bureau of Revenue (FBR) has developed a digital database and conducted audits based on forensic evidence.
The digital database will eliminate all unethical behavior of tax officials, the state minister said, and ask them to help the government eliminate corruption by identifying corrupt elements.
Afzal said that due to security issues, energy crisis and irresponsible politics, the government remained in trouble for the entire four-and-a-half-year term. "Despite all these possibilities, the government can achieve higher revenue growth," he added.
With regard to the proposal to increase real estate valuations with fair market value and lower tax rates, he said that the government wants to place valuations in open market value.
"But due to the large number of undocumented economies, it is impossible to reduce interest rates at present."
The valuation of the property will be determined after consultation with the stakeholders. He added that there is a black gold problem in the industry and it has therefore decided to gradually increase the property valuation.
Speaking of the upcoming 2018/19 budget, he said that the government will propose a budget to care for the crowd. In the next budget, the government will allocate a large amount of funds for development projects to maintain the momentum of economic growth.
When talking about planned amnesty plans, he said that the government hopes to have the opportunity to let people bring undisclosed assets back to Pakistan.
Regarding the government’s commitment to provide 500,000 low-rent housing units, he said that this is a declaration of the party, but due to some issues including the war on terror, this commitment has not been realized. He; However, in the next term of office, PML-N will focus on this important issue.

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