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Express Tribune
21-07-2025
- Business
- Express Tribune
Property tax surge sends buyers reeling
With the start of the new fiscal year 202526, a massive hike in commercial and residential property registry fees across Rawalpindi district has left citizens and buyers deeply troubled. Along with this increase, a building map fee has also been imposed on buyers. While advance tax on property registration has been reduced by 1.5 per cent, the gain tax has been raised by the same margin. Deputy Commissioners across the district have increased DC rates in all commercial and domestic zones by 10 per cent to 20 per cent. These changes have led to a sharp spike in registry costs. According to the revised rates and taxes, the complete registry fee for a five-marla house has soared to Rs350,000. In the commercial sector, registry costs have gone up by Rs500,000 to Rs1 million. Despite the hike in taxes, gain tax and map fee, the online challan fee payment system remains non-functional. As a result, even ten days into the new fiscal year, not a single registry or power of attorney has been processed. At Rawalpindi Cantonment and City Tehsil offices, registry work remains stalled. Registrations have been halted since June 15 and have yet to resume. According to the Property Registrar Office, the new DC rates have not yet been uploaded to the registry app. The app will only open for new registries once the updated rates are uploaded in the next three days. Stamp Vendors Union Secretary General Sheikh Mudasir said that this year has brought extreme financial pressure on property buyers. For a new registry, buyers must pay 1 per cent stamp duty, 1 per cent municipal corporation duty, 4.5 per cent gain tax, 2per cent map fee, 1per cent FBR e-tax, 0.10per cent online processing fee, and 1.5per cent cantonment board fee. This brings the total to 10.5per cent of the property's value for filers and up to 18per cent for non-filers. Property Dealers Association Vice President Hassan Shah said that the excessive increase in fees and taxes has opened doors for loopholes. Now buyers will declare residential properties as dilapidated structures to reduce costs with insider collusion, bringing down expenses by nearly 20 per cent. This will not only result in significant government revenue loss but also promote tax evasion and increase transactions through power of attorney, bypassing proper registration. Billing delay halts property trades Twenty-one days into the new fiscal year, residents of Rawalpindi and Chaklala cantonment boards are facing difficulties as new billing for property tax, water charges, and other revenues has yet to be issued. Sources said delays in issuing computerised bills under the new tariff - which includes a 150pc to 200pc increase in water and conservancy charges - have completely stalled property transactions and related services. Despite the old tariff being applicable to outstanding dues, billing of arrears has also been linked to the new system. As a result, citizens seeking to clear dues and complete sale or purchase of properties are being told to wait. Speaking to media, Rawalpindi Cantonment Board spokesperson Imran Habib said the new bills, including outstanding dues and revised charges, are being finalised. The delay, he added, was due to incorporating revised tariffs approved in the recent board meeting. He assured that billing would be issued within the next couple of days.
Express Tribune
17-05-2025
- Business
- Express Tribune
Dealers warn new bill will hurt oil retailers
Listen to article The All Pakistan Petroleum Dealers Association (APPDA) has warned against adopting the proposed Petroleum (Amendment) Act 2025, arguing that while the legislation aims to curb fuel smuggling, it could penalise the law-abiding petroleum retailers and destabilise the energy supply chain. Speaking to fuel station owners on Friday, APPDA spokesman Hassan Shah said the bill granted sweeping and unchecked powers to local administrations such as assistant commissioners and deputy commissioners, without judicial oversight or regulatory checks. Such provisions "leave room for coercion, misuse and arm-twisting of dealers to meet arbitrary enforcement targets", he said. "Petroleum dealers have invested billions in infrastructure across Pakistan. This bill threatens the investment by granting executive powers without accountability. That's not regulation; it's intimidation," Shah stated. Pakistan has over 11,800 registered petrol pumps, of which more than 83% are being operated by independent retailers. These businesses function as commission agents under the licensed oil marketing companies, with no role in fuel import, production or adulteration. Despite this, the proposed amendments place strict liability on the retailers and empower district officials to seal filling stations, impose heavy fines and confiscate assets, often without proof of wrongdoing or prior notice. "If passed in its current form, this bill will make the dealers liable for issues beyond their control, while leaving the real culprits, smugglers and unregulated distributors untouched," Shah remarked. The association's concerns reflect the escalating fuel smuggling into Pakistan. Recent estimates show that over 10 million litres of Iranian petrol and diesel are smuggled into the country daily, causing annual tax revenue losses of over Rs227 billion.
Express Tribune
04-05-2025
- Express Tribune
Key operative of inter-provincial cocaine network held
The SIU police have arrested an alleged key member of an inter-provincial drug network during a raid in DHA Phase II. The arrested suspect, identified as Rashid, is an important operative of the "Triple A" brand cocaine network. The police recovered 219 grams of high-quality cocaine from his possession, estimated to be worth Rs1.5 million. The arrested accused was involved in the delivery of cocaine to the network's riders. During interrogation, the suspect revealed that he was engaged in this illicit trade where the cocaine would be delivered hidden inside grinder machines. Each grinder machine contained 50 packets of cocaine taped to its internal parts. Once the parcel was received, the suspect would confirm delivery by sending a photo to his boss, Hassan Shah, via WhatsApp. Hassan Shah, who manages 17 riders across Karachi, would then issue instructions via WhatsApp, assigning each rider the customer's number and location for delivery. According to the spokesperson, the arrested suspect further disclosed that each packet bore the "AAA" brand and a barcode, ensuring 100% purity and accurate weight.
Express Tribune
23-02-2025
- Business
- Express Tribune
Dealers reject oil price deregulation
Despite plunge in oil prices, the company was making profits due to its unique business model, said officials. In the last ten years, PARCO has made payments of Rs600 billion to the government on account of dividends and various taxes and levies. PHOTO: FILE The All Pakistan Petroleum Dealers Association (PPDA) on Sunday rejected the government's decision to deregulate oil prices, warning of a countrywide strike if the move was not reversed. The association cautioned that deregulating oil pricing would allow a foreign company to dominate the country's energy sector, describing the decision as economic suicide. Hassan Shah, the association's spokesperson, criticized the move, stating that granting a powerful Saudi oil company complete control over Pakistan's fragile oil market — without consulting stakeholders — was not in the country's best interests. He warned that deregulation would disrupt the entire supply chain, leading to a monopoly in the oil market. Pakistani refineries, he added, would be forced to shut down as they lack the financial capacity to compete with multinational corporations. Shah stressed that eliminating competition and handing full control to a single foreign company would be a serious strategic mistake. He highlighted that Pakistan's fuel reserves typically last no more than 15 days. In contrast, free-market principles work in countries that maintain months-long oil stockpiles to ensure supply chain stability. The deregulation of lubricants and HOBC (high-octane blending component), he noted, has not benefited consumers and has instead created a cartel-like oligopoly. Moreover, he criticized the Competition Commission of Pakistan (CCP) for failing to ensure transparency in the system, unlike regulatory bodies in Western nations. As a result, he warned, consumers would end up paying higher prices rather than benefiting from market liberalization. Shah further cautioned that deregulation would fuel inflation, weaken the exchange rate, and inflict lasting damage on an already struggling economy. Given the unpredictability of Pakistan's oil market, he argued, no single entity should have full authority over fuel pricing, as it could trigger a financial disaster. He urged the Defence Ministry to assess the strategic implications of the decision, while calling on the government and the central bank to examine its potential impact on inflation and currency stability. Policymakers, he asserted, should not risk the country's energy security to appease a single corporation. He warned that deregulation would lead to a steady rise in oil prices under various pretexts, harming both businesses and the public. Shah clarified that while Western nations have successfully implemented free-market fuel pricing, they did so only after ensuring a smooth supply chain and maintaining months-long reserves. Pakistan, on the other hand, struggles to maintain fuel stockpiles beyond 15 days, with frequent shortages and dryouts, particularly in smaller cities. He argued that only strict regulation can prevent refineries, oil marketing companies (OMCs), and fuel stations from artificially inflating prices. Allowing consumers to be exploited, he warned, would destabilize the market and drive up costs across all sectors. Given that fuel demand is highly inelastic, deregulation would have devastating consequences. Shah urged the government to abandon the plan, insisting that deregulating oil prices would push the country toward an economic crisis.
