‘Further taxes to impact industry’

Islamabad : Islamabad Estate Agents Association Progressive Ittehad Group General Secretary Khalid Imran Chaudhry has said that further increase in taxes in the real estate sector will prove to be disastrous for the real estate community and it will affect about 40 industries, says a press release.

He said that stakeholder consultation is necessary to increase the tax net. The real estate sector is already on a decline due to government policies, so the government should create facilities for filers. He said that further increase in taxes for filers will force the real estate community to stop projects. He called upon the government to regulate the real estate sector and activate the Real Estate Regulatory Authority RERA and give a policy regarding service charges of estate agents. “Charges should be protected and one registration of all government entities and real estate agents should be sufficient. For the training of real estate community and estate agents, courses of six months or years should be issued within the Government and Vocational Institute and before any estate agent can form an office, an internship certificate of six months or years from an authorized real estate agent company should be made mandatory,” he added.