Government asked to reduce taxes on real estate sector for its better growth

  • January 07, 2017
Real estate sector was playing crucial role in the economic development of the country and creating jobs, but imposition of heavy taxes has hampered its growth and government should reduce tax rates on this important sector of the economy to facilitate its better growth, observed Khalid Iqbal Malik, President, Islamabad Chamber of Commerce and Industry while addressing at Islamabad Real Estate Association (IREA). He visited IREA along with a delegation to congratulate Rana Arshad, newly elected President of the Association. ICCI Vice President Tahir Ayub, Khalid Javed, Khalid Chaudhry, Ch. Irfan, Saif ur Rehman, Nisar Miraz, Ms. Nasira Ali, M. Ashfaq Chatha, Naeem Siddiqui and others were also present at the occasion.
Khalid Iqbal Malik said that government has recently given some relief to real estate sector which was insufficient to remove its difficulties. He said Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar had promised to launch a new amnesty scheme which would reduce problems of real estate sector and added that business community was still waiting for its announcement. He urged that government should immediately reduce tax rates on real estate sector to pave way for its fast growth that would bring multiple benefits to the economy. Khalid Javed, Chairman Founder Group assured that ICCI would play its role for resolving the key issues of real estate sector. 
Speaking at the occasion, Rana Arshad, President and Zulqarnain Abbasi Secretary General of Islamabad Real Estate Association highlighted the key issues of their sector and hoped that ICCI would cooperate in addressing the same. He assured that his Association would fully support ICCI in its endeavors aimed at promoting business and economic activities.