Islamabad: Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Zafar Bakhtawari has requested the government that there is a need for substantial cuts in real estate and construction sector taxes, according to a news source on September 11.
According to the details, ICCI President Bakhtawari argued that tax cuts could potentially attract an impressive foreign investment of around USD 6 billion within a short period, providing a much-needed boost to Pakistan’s economy.
Speaking as the chief guest at a reception held in his honour, ICCI President lamented that heavy taxation had taken a toll on the real estate sector’s ability to attract foreign remittances and investments. This trend has led to a substantial decline in foreign remittances, creating an alarming gap.
To counter all dreadful gaps and challenges any further, Bakhtawari urged the government to rationalise taxes for the sector. He proposed the withdrawal of taxes on deemed income for immovable property and the creation of a conducive environment that would reinvigorate the sector and, in turn, drive the country’s economic development.
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