ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Zafar Bakhtawari on Sunday urged the government to reduce taxes on the real estate and construction sector that would bring 5-6 billion dollars foreign investment within a short span of time and help revive the economy.
He said that the business activities of at least seventy allied industries are dependent on the real estate and construction sector, so it’s better growth would help the business activities of all allied industries and stimulate the economic growth of Pakistan.
He said this while addressing as chief guest at a reception organized in his honor by the real estate developer Sial Sarfraz.
On the occasion, the balloting of plots of his housing project was also held, while the birthday cake of Ahsan Bakhtawari was also cut.
Real Estate Potential to Attract Foreign Investment
Ahsan Zafar Bakhtawari said that the real estate sector is the big source of attracting foreign investment and remittances; however, the imposition of heavy taxes has caused a considerable decline in foreign remittances, and the gap is increasing.
He said that this situation has stagnated the business activities in the construction sector and real estate, due to which unemployment is rising.
He said that slashing taxes on this sector could immediately bring billions of dollars to the country and revive the national economy.
He called for the government to rationalize taxes on this sector, withdraw tax on deemed income on immovable property and create a conducive environment for this sector to spur economic prosperity in the country.
Speaking on the occasion, Sarfraz Sial said that overseas Pakistanis want to invest in the real estate sector, but heavy taxes are discouraging them.
He urged for reconsidering the taxes on this sector that could bring more attractive incentives that would increase foreign investment in the country and provide crucial support to the weak economy.
He said that the government can take the national economy from recession to sustainable development by focusing on the construction sector and real estate.
