Real estate sector: NA body suggests FBR to remove upper limit cap

The National Assembly's Standing Committee on Finance has recommended the Federal Board of Revenue (FBR) to remove the upper limit cap imposed by the FBR on real estate sector to encourage declaration of actual price of the land during real estate transactions.
Some members of the committee also complained that people are whitening black money in the real estate sector and suggested increase in valuation rate of the property. The meeting of the committee headed by Qaiser Ahmad Sheikh discussed the issues pertaining to investments in domestic real estate sector and actions taken by the Federal Board of Revenue (FBR) in this regard.
The committee recommended that FBR should allow the real estate sector for declaration of actual price of the land as it will help eliminate the chances of corruption. The committee also directed the Federal Board of Revenue to convene meeting with real estate stakeholders for resolving their issues.
The committee discussed "Eradication of Riba Bill, 2015" (moved by Sher Akbar Khan, MNA) and directed the Ministry of Finance to provide details regarding the measures taken by the government for eradicating the interest from banking sector. The committee recommended the SBP to expedite progress to eliminate interest from the banking sector as early as possible.
The committee considered "The Islamabad Capital Territory Prohibition of Private Money Lending Bill, 2017" (moved by Sajid Nawaz, MNA) and disapproved the subject Bill, however, the Ministry of Finance and Revenue assured that government bill on the matter would be introduced shortly.
While considering "The Controller General of Accounts (Appointments, Functions and Powers) (Amendment) Bill, 2017" (moved by Asad Umar, MNA), Additional Secretary Ministry of Finance informed the committee that same bill was already under consideration by the Senate Standing Committee on Finance.
The Senate Standing Committee has recommended that all concerned departments will complete their work till January 2018. The committee decided that ministry will also present the outcome of the Senate committee in this committee as well. The committee discussed "The State Bank of Pakistan Banking Services Corporation (Amendment) Bill, 2017" however it was decided that the same would be reconsidered in the next meeting after Nafeesa Shah pointed out quorum.