ICCI calls for rationalizing taxes on real estate sector


President, Islamabad Chamber of Commerce and Industry, Ahmed Hassan Moughal has called upon the government to rationalize 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.
He was addressing a delegation of Islamabad Estate Agents Association (IEAA) that visited ICCI led by its President Sardar Tahir.
He said that real estate sector was playing vital in promoting business activities, growth, employment and poverty reduction and urged that government should rationalize 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 stressed that government should resolve the key issuesof 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, Sardar Tahir, President, Islamabad Estate Agents Associationhighlighted the key issues of his sector. He said that IEAA in cooperation with ICCI had got approved the rates of commercial property from the FBR and vowed that they would also resolve other major issues of this sector with the support of ICCI.