Karachi Nov 19 2024: Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has stated that tax-related issues of the Association of Builders and Developers (ABAD) will be resolved on a priority basis. Eliminating irregularities in the tax system is part of the FTO’s responsibilities, he added. He also assured that a representative appointed by ABAD will be made an advisor to the FTO to address the tax issues facing builders and developers . Meanwhile, ABAD Chairman Hassan Bakhshi highlighted the problems of tax issues faced by builders and developers inflicted by the Federal Board of Revenue (FBR).
To address the concerns of the construction sector and taxpayers, FTO Dr. Asif Mahmood visited ABAD House. Senior Vice Chairman Syed Afzal Hamid, Vice Chairman Tariq Aziz, Chairman Southern Region Ahmed Owais Thanvi, FTO Advisor (Legal) Almas Ali Jowanda, Advisor Incharge Faiz Elahi Memon, Income Tax Advisor Fazal Muhammad Abrejo, Customs Advisor Gul-ur-Rehman, Director Abid Mahmood, Sales Tax Advisor Badaruddin Ahmed Qureshi, Assistant Director Protocol Shahid Nawaz, and several ABAD members were present during the meeting.
Dr. Asif Mahmood acknowledged the significant role of the construction sector in economic development. He noted that ABAD members, through their construction activities, are not only providing employment to millions of people but are also contributing trillions of rupees to the national treasury in the form of taxes. He encouraged ABAD’s members to file their complaints with the FTO and assured that they would be resolved promptly, with implementation also ensured. He emphasized that taxpayers are the backbone of the country, and the FTO treats them with respect and dignity.
Dr. Asif revealed that in 2023, the FTO received 8,963 complaints, out of which 8,000 were resolved. He reiterated the commitment to addressing taxpayers’ grievances effectively.
ABAD Chairman Hassan Bakhshi criticized the FBR’s monitoring policy, stating that repeated summons to builders and developers under this policy is detrimental to Pakistan’s economy. Citing a report by the State Bank of Pakistan, he mentioned that the construction sector provides employment to millions. He further highlighted that overseas Pakistanis remit $30 billion annually, 54% of which is invested in real estate and construction.
The Chairman also pointed out that the FBR collects gain tax and income tax during property lease and registration and has now imposed federal excise duty on these transactions. He expressed concern that the oppressive tax regime is discouraging foreign investors, negatively impacting the national economy.
In conclusion, ABAD members presented their tax-related grievances to the FTO, who instructed them to submit their complaints in writing to ensure timely resolution.
