Property Prices to Go Down in Coming Days: Shabbar Zaidi
Chairman of the Federal Board of Revenue Shabbar Zaidi, has told the press that prices of property in the country are going to come down in the coming days.
Shabbar Zaidi made these comments while talking to the press & the National Assembly’s Standing Committee on Finance on Tuesday.
He updated the committee over assets declaration scheme & said the goal is to improve the economy, never was it to earn revenue.
He told the amnesty scheme has enabled FBR to cross-question & investigate the earnings of anyone who earns more than Rs: 5 million in Pakistan.
The previous limit was Rs: 10 million.
Zaidi told that the real estate prices sky-rocketed when the corruption in Pakistan was at its peak.
Shabbar Zaidi said; Those who bought the property with white money were never given importance.
In the last 40 years, $40 billion has been laundered.
“The prices of property will go down when the implementation of the new laws make it challenging to buy a particular property with black money”.
Former finance minister Asad Umer was also present in the meeting. He discussed ways to introduce interest-free banking systems in the country.
The committee then called State Bank to come up with ideas and recommendations. Before that, Chairman FBR updated the Standing Committee on Finance Bill 2019-20.
Stock exchange companies and flexible laws lead to the laundering of money as well as colossal loss.
Shabbar Zaidi informed the committee that his department will be taking and implementing safety measures.
which will minimize such cases of money laundering in the country.