Daily Times

Sir: One can differ on so many issues with the current federal government, but it must be congratulated on taking an extremely bold step as according to recent news, the real value of property will be taken for the purpose of taxation from July 1, 2016 onwards.

According to a news report, the task of determining the fair market price of property has been given to professional valuers approved by the State Bank of Pakistan. This will be an excellent way to find out those tax evaders who were earlier getting their properties registered at a price many times less than the market value.

This way they were not only depriving government of fair tax on it, but were also using this to channelise unaccountable money as it was being paid over and above the incorrect value of the property.

Government will indeed face stiff resistance from an extremely powerful land and builder mafia. But I request them to be resolute and continue to stand firm on this bold step, which should have been taken many decades ago. Until now, real estate was the safest haven to whitewash black money. While it will seemingly reduce investment from overseas Pakistanis as well as from local investors, it will surely help the country in the long run.

M. ASIF

Karachi