The Khyber Pakhtunkhwa Property Retailers Association (KPPRA) announced a nationwide strike on Friday, December 10, in response to the Federal Board of Revenue (FBR) increasing property taxes on residential and commercial plots.
Dealers from the DHA and the Peshawar Development Authority (PDA) will also join the protests. Association officials asked the government to withdraw its decision to increase the property tax at a joint press conference held at the Peshawar Press Club on Tuesday.
The association's retailer Siraj-ul-Haq said the high taxes would have a devastating effect on real estate investors across Khyber Pakhtunkhwa. Before announcing the tax increase, FBR did not trust all investors. Abid Ali, president of the DHA Dealers Association, said the government should provide relaxation instead of the burden.
He also added that the government step will increase KP's unemployment and investors will not accept the FBR's new tax policy.
Real estate agents have demanded to revise their tax policies based on their recommendations, otherwise, they will protest. Earlier, they take protest rallies and strikes against the FBR and the federal government outside the Peshawar press club.
Meanwhile, the FBR on Tuesday suspended its recently published valuation rules to allow registration of ongoing trades through January 16, 2022.
The IRS released a list of complaints about tax rate increases across the country on Tuesday. FBR provided detailed guidance via Office Memorandum (OM) to review and justify the issue.
It has been decided to review the published rating sheet and the revaluation will be re-announced on January 15th and will take effect on January 16th.
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