This refers to the article, ‘Taxing the idle’ (June 23) by Ejaz Ahmed Mangoon. The writer wants the government not to tax empty land plots on the grounds that it will discourage overseas Pakistanis from investing in the real-estate sector. There is no data to tell the number of plots that are owned by overseas Pakistanis. Investment in real-estate is dead capital, which does not generate employment or increase productivity. It needs to be discouraged at all costs and taxed as heavily as possible.
The real-estate sector has caused a great loss to the economy as fertile agricultural land is converted into housing plots. This has resulted in reduced agricultural output, leading to a shortage of food and agriculture supplies in the country. Billions of dollars are being spent on their imports now. Also, investment in real-estate has consumed domestic savings, leaving nothing for the agriculture and industrial sectors. Overseas Pakistanis may consider investing in productive businesses to improve the country’s productivity level, which will result in increased incomes of their families and relatives.
Abdul Majeed
Islamabad
Rising inflation not only affects the purchasing power of consumers but also undermines overall economic stability. It...
The climate change situation in Pakistan is a huge problem for the entire nation. Even though it is among the...
Karachi residents living along or near University Road, are facing many difficulties due to the construction of the...
This letter refers to the news report ‘Events like Ambani's wedding should also be held in Pakistan: Sindh...
The strength of a nation is crucial for its prosperity and stability. A strong nation is not only economically stable...
The month of February saw yet another controversial general election in Pakistan. A great number of allegations of...