Decrease in Real Estate Taxes demanded by ICCI President

Real Estate Sector

“Reduce heavy taxes on real estate sector so that this important sector could play an effective role in the economic development of the country,” Sheikh Amir Waheed, the President of Islamabad Chamber of Commerce and Industry (ICCI) called upon the government.

The statement came while Mr. Sheikh Amir Waheed was addressing a delegation of Islamabad Estate Agents Association (IEA) led by Sardar Tahir.

Various dignitaries and other office bearers and members from both organisations were also present at the occasion.

“The role of real estate sector was vital in promoting commerce, industry, growth, employment and poverty reduction but imposition of heavy taxes on it has badly affected its growth,” the ICCI President further added.

Moreover, he said real estate sector was liked with the growth of about 250 ancillary industries including cement, steel, brick, timber and building material. But the high taxes and new method of discrimination of property prices have plummeted business of real estate and its related industries. And many investors were leaving this sector which affects the economy negatively.

“Purchasing property of over PKR 5 million should be allowed by the government for non-filers and that in the capital city, Capital Development Authority (CDA) should be more pro active,” Waheed concluded.

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Jawad Jamil

Writes on real-estate, keeping you updated about the latest updates and developments.