ICCI urges government for rationalizing taxes on real estate sector

ISLAMABAD: President Islamabad Chamber of Commerce and Industry Ahmed Hassan Moughal, here on Wednesday urged the government for rationalizing taxes on real estate sector in order to facilitate its better growth so that it could play more effective role in the economic development of the country.

While talking to a delegation of Islamabad Estate Agents Association (IEAA) led by its President Sardar Tahir that  visited ICCI Ahmed Hassan said that real estate sector was playing a vital role in promoting business activities, economic growth, employment and poverty reduction and urged the need for rationalizing taxes on this important sector for its fast growth.

He said that the growth of over 200 ancillary industries including cement, steel, brick, timber and building material was linked with real estate sector, but imposition of taxes has affected business activities of real estate and its allied industries.

He also urged the  government for resolving the key issues of real estate sector as its growth would yield multiple benefits for the economy including jobs creation, increase in tax revenue, promotion of trade, industrial activities and strengthening of the overall economy.

Speaking at the occasion, President, Islamabad Estate Agents Association highlighted the key issues of his sector.

He said that IEAA in cooperation with ICCI had got approved the rates of commercial property from the Federal Board of Revenue and vowed that they would also resolve other major issues of this sector with the support of ICCI.

He said that government should accord priority focus to promoting real estate sector and formulate conducive policies for it so that this sector could contribute more effectively towards stabilizing the economy.

He also announced that IEAA would fully support the Founder Group in the forthcoming elections of ICCI.