ICCI calls for rationalising of taxes on real state sector

ISLAMABAD: Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce and Industry 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. Ch. Zahid Rafiq, Secretary General, Yasin Anjum Vice President, Islamabad Estate Agents Association, Tahir Abbasi Patron-in-Chief, Ch. Nadeem ud Din, Ch. Abdul Rauf, Rana Arshad and other representatives of IEAA were also present at the occasion.

Ahmed Hassan Moughal 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 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.