ISLAMABAD: The president of Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari, has urged the government to reduce taxes on the real estate and construction sector that would bring $ 5-6 billion foreign investment within a short time and help revive the economy.

He said that the business activities of around 70 allied industries were dependent on the real estate and construction sector, so its growth would boost all allied industries and stimulate the economic growth of the country.

He said this while speaking as chief guest at a reception hosted in his honour by a real estate developer, Sial Sarfraz, here Sunday.

Mr Bakhtawari said that the real estate sector was the major source of attracting remittances and foreign investment, however, the imposition of heavy taxes on it had caused a significant decline in foreign remittances and the gap was increasing.

He said that the situation had stagnated the business activities in the real estate and construction sector due to which unemployment was rising. He said cutting taxes on the sector can immediately attract billions of dollars to the country and revive the economy.

He urged the government to rationalise taxes on this sector, withdraw tax on deemed income on immovable property and create a conducive environment for the sector to spur the economic development of the country.

Speaking on the occasion, Sarfraz Sial said overseas Pakistanis were interested in investing in the real estate sector, but heavy taxes were discouraging them.

He said the government can take the country’s economy from recession to sustainable development by focusing on the real estate and construction sector

Published in Dawn, September 11th, 2023