Cut in taxes on real estate to help attract foreign investment: ICCI

ISLAMABAD: Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to reduce heavy taxes on the real estate and construction sector that would bring US$ 5-6 billion foreign investment within a short time and help revive the revive the economy.

He said that the business activities of around 70 allied industries are dependent on the real estate and construction sector, so its better growth would boost of the business activities of all allied industries and stimulate the economic growth of the country. He said this while addressing as chief guest at a reception hosted in his honor by the prominent real estate developer Sial Sarfraz.

The balloting of plots of his housing project was held and birthday cake of Ahsan Bakhtawari was also cut on the occasion.

Ahsan Zafar Bakhtawari said that the real estate sector is the major source of attracting remittances and foreign investment, however, the imposition of heavy taxes has caused significant decline in foreign remittances and the gap is increasing. He said that this situation has stagnated the business activities in the real estate and construction sector due to which unemployment is rising.

He said that cutting taxes on this sector can immediately attract billions of dollars to the country and revive the economy. He urged that the government should rationalize taxes on this sector, withdraw tax on deemed income on immovable property and create a conducive environment for this sector to spur the economic development of the country.

Speaking on the occasion, Sarfraz Sial said that the overseas Pakistanis are interested in investing in the real estate sector, but heavy taxes are discouraging them. He emphasized that the government should reconsider taxes on this sector and offer more attractive incentives that would boost foreign investment in the country and provide crucial support to the fragile economy. He said that the government can take the country’s economy from recession to sustainable development by focusing on the real estate and construction sector.

Zafar Bakhtawari former President ICCI and Secretary General UBG Pakistan, Tahir Abbasi, Khalid Chaudhry, Raja Imtiaz, Nasir Chaudhry and a large number of the business community were present in the reception. A Mehfal-e-Qawwali was also held on the occasion.

Copyright Business Recorder, 2023