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The president of the Islamabad Chamber of Commerce and Industry (ICCI), Mr Shiekh Amir Waheed demands the government to decrease the real estate taxes.
He made the demand while addressing the delegation of Islamabad Estate Agents Association (IEA) led by Sardar Tahir. Many office bearers and other notable personalities from both the associations were also present in the meeting.
Amir Waheed said in a statement: “Reduce heavy taxes on real estate sector so that this important sector could play an effective role in the economic development of the country,”
“The role of real estate sector was vital in promoting commerce, industry, growth, employment and poverty reduction but the imposition of heavy taxes on it has badly affected its growth,” he added.
Amir believes that the real estate sector was liked with the growth of about 250 ancillary industries including steel, brick, cement, timber and building material. But the towering taxes and the latest method of discrimination of property prices have plunged the real estate business 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 proactive,” the Chairman concluded.