The government and the real estate sector representatives reached a consensus on the issues of fair market valuation of the property and Property Gain Tax (PGT).
Finance Minister Ishaq Dar on Saturday said Federal Board of Revenue will determine prices of real estate and by the same measure tax will be deducted.
This decision has been taken after several weeks of negotiations between Dar and real estate sector representatives.
Minister for Finance Muhammad Ishaq Dar while briefing media men after the meeting said “After comprehensive discussions, which continued for last 10 days with the business community and representatives of the real estate sector, we have made some decisions with consensus which are acceptable to both the parties”
The minister said a large number of overseas Pakistanis invest on real estate and nobody needed to get blackmailed over prices of properties.
The federal finance minister has also said that the government has decided to keep oil products prices unchanged for August.
Dar said the decision to keep the prices same till August 31 was taken on the directive of Prime Minister Nawaz Sharif.
Oil and Gas Regulatory Authority (OGRA) summary regarding oil products prices was rejected by the government, he said.
“Around 4-7 percent oil prices have increased at international level. However, the government has decided it not to affect the local market,” he said.
He said the government will provide subsidy of Rs2 billion on price of petroleum products.
