Govt urged to rationalise taxes on real estate sector

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ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Ahmed Waheed on Monday urged the government to take appropriate measures that could create a conducive business environment for the real estate sector.

During a meeting with a delegation of the Islamabad Estate Agents Association (IEAA), led by its President Sardar Tahir, the ICCI president maintained that the real estate sector has the potential to drive the national economy towards growth.

“The real estate sector plays a vital role in promoting business activities, creating employment opportunities and ensuring poverty reduction,” he stated, urging the government to rationalise taxes on this important sector.

He said that over 50 ancillary industries, including cement, steel, brick, timber and building material, were associated with the real estate sector and an enabling environment would ensure the growth of all allied industries.

He informed the delegation that ICCI has managed to get a stay order from Islamabad High Court against the 300pc hike in property tax by the Metropolitan Corporation Islamabad (MCI), adding that the business community could now deposit property tax on old rates until the court’s decision on this case.

He assured the delegation that ICCI would fully cooperate with IEAA in its efforts towards the resolution of real estate issues.

Speaking on the occasion, IEAA President Sardar Tahir said that the government should focus on promoting the real estate sector so that it could make useful contributions to the economy.

He thanked ICCI for getting a stay order from IHC against the increase in property tax, as it provided relief to the property holders.

ICCI Senior Vice President Tahir Abbasi and Vice President Saifur Rahman Khan on the occasion also urged the government to finalise a fixed tax scheme for real estate sector in consultation with all stakeholders.

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