Muhammad Naveed, Senior Vice President, Islamabad Chamber of Commerce and Industry has called upon the government to reduce heavy taxes on real estate sector in budget 18-19 so that this sector could play effective role in the economic development of the country.
He was talking to Ch. Zahid Rafiq, newly elected Secretary General of Islamabad Estate Agents Association during his visit to ICCI. Ch. Nadeem Gujjar, Syed Adil Anis, Syed Haider Asad, Ch. Tahir and Abdul Noor were also present at the occasion.
Muhammad Naveed Malik said that the role of real estate sector was crucial in promoting commerce, industry, growth, employment and poverty reduction but imposition of heavy taxes on it in budget 16-17 has badly affected its growth. He said that the growth of about 250 ancillary industries including cement, steel, brick, timber and building material was linked with real estate sector, but the increase in taxes and new method of determination of property prices have slumped the business of real estate and its allied industries.
He said due to this situation, many investors were leaving the real estate sector which was not good for the economy. He emphasized that government should pay urgent attention to resolve the key issues real estate sector as its growth would yield multiple benefits for the economy including jobs creation, increase in tax revenue, growth of trade & industrial activities and the overall economy.
Speaking at the occasion, Ch. Zahid Rafique, Secretary General, Islamabad Estate Agents Association highlighted various issues of real estate sector. He said that increase in taxes on real estate has badly affected property business and urged that government should revise these taxes to provide relief to realtors. He said that CDA should develop a timeframe for the development of new sectors for their timely completion as delay in their development was causing losses to the investors and the people. He further said that CDA has increased commercialization fee on real estate sector that has created additional problems and urged that CDA should revise the fee to facilitate the growth of business activities in this important sector of the economy.—INP