By: Junaid Qayyum Abbasi
ISLAMABAD: Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce and Industry has called upon the government to rationalize taxes on real estate sector in order to facilitate its better growth so that it could play more effective role in the economic development of the country. He was addressing a delegation of Islamabad Estate Agents Association (IEAA) that visited ICCI led by its President Sardar Tahir. Ch. Zahid Rafiq, Secretary General, Yasin Anjum Vice President, Islamabad Estate Agents Association, Tahir Abbasi Patron-in-Chief, Ch. Nadeem ud Din, Ch. Abdul Rauf, Rana Arshad and other representatives of IEAA were also present at the occasion.
Ahmed Hassan Moughal said that real estate sector was playing vital in promoting business activities, growth, employment and poverty reduction and urged that government should rationalize taxes on this important sector for its fast growth. He said that the growth of over 200 ancillary industries including cement, steel, brick, timber and building material was linked with real estate sector, but imposition of taxes has affected business activities of real estate and its allied industries. He stressed that government should resolve the key issues of real estate sector as its growth would yield multiple benefits for the economy including jobs creation, increase in tax revenue, promotion of trade & industrial activities and strengthening of the overall economy.
Speaking at the occasion, Sardar Tahir, President, Islamabad Estate Agents Association highlighted the key issues of his sector. He said that IEAA in cooperation with ICCI had got approved the rates of commercial property from the FBR and vowed that they would also resolve other major issues of this sector with the support of ICCI. He said that government should accord priority focus to promoting real estate sector and formulate conducive policies for it so that this sector could contribute more effectively towards stabilizing the economy. He also announced that IEAA would fully support the Founder Group in the forthcoming elections of ICCI.
Ch. Zahid Rafique General Secretary, Ch. Nadeem ur Din, Ch. Abdul Rauf, Rana Arshad, Ashfaq Chatha, Khalid Chaudhry and others also spoke at the occasion. They said that government has banned the use of plastic bags in Islamabad, but they urged that government should suspend the imposition of fines for this purpose till the easy availability of alternatives of plastic bags in the market.