ISLAMABAD : Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry on Monday called upon the government to reduce heavy taxes on real estate sector so that this important sector could play effective role in the economic development of the country.
He was addressing a delegation of Islamabad Estate Agents Association that visited ICCI led by its President Sardar Tahir. Ch. Zahid Rafiq, Secretary General, Islamabad Estate Agents Association, Abid Khan Chairman Founder Ittehad Group, Tahir Abbasi Patron-in-Chief, other office bearers and members of the Association were also present at the occasion.
Sheikh Amir Waheed said that 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.
He said that the growth of about 250 ancillary industries including cement, steel, brick, timber and building material was linked with real estate sector, but high taxes and new method of determination of property prices have slumped business of real estate and its allied industries. He said due to this situation, many investors were leaving this sector which was not good for the economy.
He emphasized that government should resolve the key issues of real estate sector and rationalize taxes on it as its growth would yield multiple benefits for the economy including jobs creation, increase in tax revenue, growth of trade & industrial activities and the overall economy.
Speaking at the occasion, Sardar Tahir, President, Islamabad Estate Agents Association highlighted the key issues of real estate sector. He said that Budget 2018-19 has barred non-filers from purchasing property of Rs.5 million and above which has badly affected business activities in this important sector of the economy.
He stressed that government should remove ban on non-filers and allow them to purchase property of Rs.5 million and above by charging some additional tax on them. He said that CDA was not resolving issues of real estate sector and urged that the civic body should adopt a proactive approach to address the key issues of this sector.
He said FBR should also reduce heavy taxes on property business so that this sector could play enhanced role in the economic growth of the country.
Muhammad Naveed Malik Senior Vice President ICCI, Ch. Zahid Rafique General Secretary, Waheed Akhtar Vice President Islamabad Estate Agents Association, Zubair Ahmed Malik Chairman Founder Group, Abid Khan Chairman Founder Ittehad Group, Muhammad Ejaz Abbasi former President ICCI, Khalid Chaudhry, Mussarat Ejaz Khan, Ch. Nadeem ud Din, Rana Arshad and others also spoke at the occasion and called upon FBR, CDA and Housing Foundation to address the key issues of real estate sector for its better growth