NA extends Income Tax Ordinance about real estate

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NA extends Income Tax Ordinance about real estate

ISLAMABAD, Nov 28 (APP): The National Assembly Monday extended two ordinances regarding taxing real estate for another 120 days as the Finance Committee could not be able to present its report to the House within the specified period.

The opposition parties opposed extension in the ordinances and walked out of the House as the government had to seek extension technically because the committee’s reports were also presented later on by committee chairman Qaiser Ahmed Sheikh.

The two ordinances include Income Tax (Amendment) Ordinance 2016 (No IV of 2016) and the Tax Laws (Amendment) Ordinance 2016 (No V of 2016) that relate to tax proposals on real estate.

Opposition members Syed Naveed Qamar, Rasheed Godel, Aftab Sherpao, Nafeesa Shah and other objected on the resolution moved for the extension of the ordinances with reasons that this practice was meant for whitening the black money.

They also objected that deciding the prices of property was prerogative of the provinces after 18th Amendment and giving those powers to the Federal Board of Revenue was intervention in the domain of the provinces.

The members pleaded that the ordinances were meant for taking away the power of fixing DC value from the provinces.

Parliamentary Secretary Finance Rana Muhammad Afzal told the House that the government never desired whitening of the black money.

Rather, the proposed laws would serve the purpose of discouraging this trend and tax the real estate that involves the business of billions of rupees.

“We had to seek the extension because the ordinance could not be brought back to the House in the form of the bill by the committee within the stipulated time,” he said.

“We are not encouraging black money rather trying to close doors on whitening black money,” he said. “It is totally wrong that the government is encouraging black money rather it is gradually tightening noose around non tax payers.”

Later, the House adopted both the resolutions moved to seek an extension for 120 days and also condoned the delay in presenting of
reports of the standing committee on these ordinances enabling committee chairman Qaiser Ahmed Sheikh to present the report on the ordinances.