Islamabad: President of the Islamabad Chamber of Commerce and Industry – ICCI, Ahsan Zafar Bakhtawari, has asked the government to revise construction and real estate industry taxes and reduce them.
The president of ICCI stated that tax cuts will increase the interest of overseas and local real estate investors. He noted that the reduction in taxes can attract over 6 billion USD of foreign investment in a short time. The boost in real estate investment is much needed at this time as it can increase the GDP of Pakistan.
While talking at the reception (held in his honor), he said that heavy taxes on the industry had taken a toll on the sector, and foreign investors’ interest had decreased. The fallen interest trend has created an alarming gap.
To deal with the issue and dreadful gap, Mr. Bakhtawari stressed rationalizing the taxes on property and the construction sector. He proposed withdrawing taxes on immovable properties deemed income and creating a healthy and positive environment for investment in the sector. It will automatically lead to the development of the country’s economy.
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