Real Estate

ICCI Requests Govt to Reduce Taxes on Real Estate, Construction Sector

Islamabad: According to a news source, on the 11th of September, the president of the Islamabad Chamber of Commerce and Industry (ICCI), Mr. Ahsan Zafar Bakhtawari, requested the government to reduce taxes on real estate and construction sectors.

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President Ahsan Zafar further argued that tax reductions on real estate and construction could attract foreign investors and bring an impressive investment of around USD 6 billion within a short period. It will add much to boosting the economy of Pakistan.

Furthermore, the ICCI President, while speaking as chief guest at a reception held in his honor, lamented that heavy taxation on real estate and construction sectors impacted foreign remittances and investment, and due to the heavy taxes, both sectors showed a decline in investment which is an alarming factor.

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Our media sources further informed us that President Bakhtawari requested the government to reduce taxes on the sector to counter all unpleasant gaps and challenges. He further proposed the withdrawal of taxes on expected income for immovable property and the formation of a helpful environment that would revive the sector and drive the country toward economic development.

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