ISLAMABAD: Ahsan Zafar Bakhtawari, President of the Islamabad Chamber of Commerce and Industry (ICCI), has called upon the government to reduce heavy taxes on the real estate and construction sector.
According to Bakhtawari, such a move could attract a significant foreign investment of US$ 5-6 billion in a short time frame, which would, in turn, contribute to economic revival.
During a reception hosted in his honor by prominent real estate developer Sial Sarfraz, Bakhtawari emphasized that around 70 allied industries rely on the real estate and construction sector for their business activities.
Therefore, fostering this sector’s growth would positively impact all related industries and stimulate the country’s overall economic growth, he added.
Bakhtawari also pointed out that the real estate sector is a major source of attracting remittances and foreign investment.
However, the imposition of heavy taxes has led to a significant decline in foreign remittances, resulting in an economic gap.
This has led to real estate and construction stagnation, contributing to rising unemployment rates.
To address these issues, Bakhtawari called on the government to reduce taxes on the real estate and construction sector, withdraw taxes on deemed income from immovable property, and create a favorable environment for the sector to thrive.
Sarfraz Sial, a prominent real estate developer, emphasized that overseas Pakistanis are interested in investing in the real estate sector, but heavy taxes act as a deterrent.
He urged the government to reconsider taxation in this sector and offer more attractive incentives to attract foreign investment, thereby providing crucial support to the fragile economy.
Besides, prominent figures from the business community, including former President ICCI Zafar Bakhtawari and Secretary General UBG Pakistan Tahir Abbasi, were present at the reception, along with many others.
Source: IslamabadPost
