Islamabad: Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry has called upon the government to reduce heavy taxes on real estate sector so that this important sector could play effective role in the economic development of the country. He was addressing a delegation of Islamabad Estate Agents Association that visited ICCI led by its President Sardar Tahir. Ch. ZahidRafiq, Secretary General, Islamabad Estate Agents Association, Abid Khan Chairman Founder Ittehad Group, Tahir Abbasi Patron-in-Chief, other office bearers and members of the Association were also present at the occasion.
Sheikh Amir Waheedsaid that the role of real estate sector was vital in promoting commerce, industry, growth, employment and poverty reduction but imposition of heavy taxes on it 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 high taxes and new method of determination of property prices have slumped business of real estate and its allied industries. He said due to this situation, many investors were leaving this sector which was not good for the economy. He emphasized that government should resolve the key issuesof real estate sector and rationalize taxes on it 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.