ICCI calls for revision of taxes on real estate sector

President Islamabad Chamber of Commerce and Industry Ahmad Hassan Mughal, Rafat Farid, Zubair Ahmad Malik, Sheikh Amir Waheed, Muhammad Naveed Malik, Raja Imran Ch. Irfan and others pose for a group photo during a dinner hosted by President Gulberg Estate Agents Association Malik Najeeb, Islamabad.
By: Junaid Qayyum Abbasi 

Islamabad: The real estate sector played vital role in the economic development of the country as growth of over 40 other industries were linked with this sector, but the government has enhanced taxes on real estate sector in its annual budget due to which business of this sector was suffering. Therefore, government should revise downward high taxes on real estate sector so that this sector could play more effective role in the economic revival of the country. This was observed by Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry while addressing a dinner hosted by Malik Najeeb, President, Gulberg Estate Agents Association, Islamabad.

Ahmed Hassan Moughal said that PTI government has planned to build 5 million houses for low income people and create 10-million jobs. He said if government paid more focus to real estate sector and reduced taxes on it, this sector could help the government in achieving its targets set for houses and jobs. He said the strengthening of real estate sector would put the economy on the path of accelerated growth.

Speaking at the occasion, Malik Najeeb, President, Gulberg Estate Agents Association Islamabad said that due to the tax measures taken by the government in annual budget, the business activities in real estate sector have come to a standstill. He urged that government in consultation with realtors should address key issues of this sector including high taxes. He was of the view that the creation of an enabling environment for real estate sector would put the economy on the path of sustainable growth.

Rafat Farid Senior Vice President ICCI, Zubair Ahmed Malik Chairman Founder Group, Sheikh Amir Waheed former President ICCI, Muhammad Naveed Malik, Raja Imran, Ch. Irfan and others were also present at the occasion.