ICCI urges government for reducing taxes on real estate

ISLAMABAD, Apr 26 (APP):Islamabad Chamber of Commerce and Industry here on Thursday urged the government to reduce taxes on real estate sector in budget 2018-19 so that this sector could play effective role in the economic development of the country.
Senior Vice President Muhammad Naveed of ICCI Muhammad Naveed Muhammad Naveed while talking to Chaudhry Zahid Rafiq, newly elected Secretary General of Islamabad Estate Agents Association said that the growth of about 250 ancillary industries including cement, steel, brick, timber and building material was linked with real estate sector.
But the increase in taxes and new method of determination of property prices have slumped the business of real estate and its allied industries, he added.
He said due to this situation, many investors were leaving the real estate sector which was not good for the economy.
He emphasized that government should pay urgent attention to resolve the key issues real estate sector as its growth would yield multiple benefits for the economy including jobs creation, increase in tax revenue, growth of trade and industrial activities as well as the overall economy.
Speaking at the occasion, Zahid Rafique highlighted various issues of real estate sector and said that increase in taxes on real estate had badly affected property business and urged that government for revising these taxes to provide relief to realtors.
He said that CDA should develop a time frame for the development of new sectors for their timely completion as delay in their development was causing losses to the investors and people.
He further said that CDA had increased commercialization fee on real estate sector that had created additional problems and urged that the civic body should revise the fee to facilitate the growth of business activities in this important sector.