Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Atif Ikram Sheikh has appreciated the proposed tax measures to facilitate investments into real estate and construction sectors by the general public saying that the 4 percent tax rate on sale and purchase of property has been a major obstacle in the development and commercial activities.
Sheikh said that the real estate sector has been stagnant for the past few years and the government should present a comprehensive plan for its revival and rejuvenation so that buying houses becomes affordable and viable for the masses.
The FPCCI chief proposed that taxes on housing and real estate sectors should be reduced to single digits and the government should provide all possible incentives for acquiring low cost and affordable houses and complete tax exemption should be given for building or buying a house for the first time by any Pakistani across the board.
Sheikh said that commercial banks should be encouraged to facilitate housing finance on a priority. The housing package must also include exempting overseas Pakistanis from withholding tax (WHT) and three floors of residential houses should be allowed in view of housing needs of a population of 250 million, he added.
He stressed that the government should move towards vertical development and high-rise buildings to provide decent housing to the masses with decent civic amenities in an efficient time-frame.
