Islamabad: The recently increased taxes and valuation rates for immovable property were challenged in the Supreme Court of Pakistan on Thursday, states a news report.
Per the details, the petition was filed by Shahid Orakzai, who is a working journalist. The petitioner claims that Article 23 allows every citizen of Pakistan to own, buy and sell property and the new property valuation rates have made it rather difficult for them. Orakzai is of the view that increased taxes and valuation tables will encourage capital flight.
He also believes that implementing a separate property valuation criterion in each city will also promote bribery. Furthermore, Orakzai intends to share his findings on how not allowing foreigners to own property in Pakistan has affected the real estate market.
