LAHORE -  Government should withdraw heavy taxes imposed on the real estate after July 01, 2016 and tax slab should be restored at the level of 30th June that would help revival of this vibrant sector.

The demand was raised at a meeting between the Lahore Chamber of Commerce & Industry (LCCI) Vice President Nasir Hameed Khan and DHA Estate Agents Association President Major (retired) Muhammad Rafiq Hasrat, who was leading a 30-member delegation here at the LCCI on Friday.

The meeting demanded that as like stock exchange, investors of real estate should be given amnesty so that buyers of property could easily show the sources. The federal government and provinces should collect tax at same valuation table and Federal Board of Revenue (FBR) should adopt table DC rate with an increase of 10 percent. The property owners, who have completed the time span of two years by the end of June 2016, should be given zero gain tax status. Withholding exemption should be increased to 6 million from existing 4 million. It was also demanded that the Punjab government should merge CVT and Stamp duties and collect only 3 percent single tax.