ISLAMABAD – Chairman FBR Shabbar Zaidi, has claimed that property prices inthe country are going to take a nosedive in the coming days. He made theseremarks while briefing the National Assembly’s Standing Committee onFinance, on Tuesday.
He briefed the committee over assets declaration scheme and said that thecore focus of the scheme was not to collect revenue but to document theeconomy.——————————
He said the amnesty scheme has allowed FBR to interrogate the means ofincome of anyone who remits more than Rs. 5 million in the country. Thelimit was previously Rs. 10 million, which has now been revised.
Zaidi remarked that the real-estate sector saw a boom only when thecorruption in Pakistan was on its peak.
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“Property buyers with the white money were never substantial in numbers,”FBR chairman said, claiming that the property prices will go down againwhen the implementation of new laws makes it challenging to buy a propertywith black money.
The meeting, headed by the former finance minister Asad Umar, alsodiscussed the ways to introduce interest-free banking system in the country.
