S.M.Munir asks FBR to address concerns of stakeholders on new property valuations Serious concerns over the new market value of immovable properties determined by FBR

ISLAMABAD ( Web News )

S.M.Munir, former Chief Executive Office, Trade Development Authority of Pakistan and Patron-in-Chief, United Business Group said that the business community has expressed serious concerns over the new market value of immovable properties determined by FBR vide its SRO-1548(I)/2021, dated 1st December 2021 and asked the FBR to address all concerns of the stakeholders before implementation of new property valuation as this unilateral decision would cause big slump in the business activities of property and construction sector and create harmful consequences to the economy. He said this while addressing the business community during his visit to Islamabad Chamber of Commerce & Industry (ICCI).

S.M. Munir lauded the efforts of ICCI for the establishment of a new industrial estate in the region as it would boost industrialization, attract new investment, create new jobs and improve tax revenue of the region. He assured that if UBG came to power in FPCCI after elections in December this year, it would extend full support to ICCI for materialization of this important project. He said that if voted to power, UBG would work closely with the government to address the key issues of the business community and promote trade & exports to improve the health of the economy. He said that high interest rate, depreciation of rupee, hike in POL prices and utility tariffs have increased the cost of doing business manifold and caused uncertainty in the market, therefore, he stressed that the government should address these issues on priority to stabilize the economy.

Speaking at the occasion, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry said that FBR has made unprecedented hike in the valuation of residential and commercial properties of 40 major cities ranging from 100 to 600 percent that would severely hit the sale/purchase business of property sector and badly affect the Naya Pakistan Housing Program of the government. He stressed that FBR should withdraw the new valuation of residential and commercial properties and sit with the stakeholders to find out a consensus solution of this problem. He thanked S.M. Munir for his support to set up a new industrial zone in the region as it would produce multiple benefits to the investors and the regional economy.

Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, Mian Akram Farid Chairman Founder Group, Zafar Bakhtawari Secretary General UBG, Abdul Rauf Alam, Tariq Sadiq, Mian Shaukat Masud, Ejaz Abbasi, Sheikh Amir Waheed, Ch. Muhammad Naseer, Karim Aziz Malik, Malik Sohail Hussain, Ch. Muhammad Masud, Muhammad Naveed Malik, Ashfaq Chatha, Khalid Chaudhry and a large number of business community were present at the occasion.