Pak Govt to reduce heavy taxes on real estate sector
On Sunday, The Islamabad Chamber of Commerce and Industry (ICCI) called upon the caretaker government to reduce the taxes on real estate sector. ICCI Acting President Muhammad Naveed Malik stressed that the caretaker government should consider reducing tax rates on this sector to facilitate the growth of the economy. He quoted that the outgoing prime minister had announced to reduce the tax rate on the purchase of property to only one per cent along with abolition of DC rate and Federal Board of Revenue (FBR) rates, but the same was not implemented as yet. He added all other taxes should be abolished on the purchase of property including CVT and stamp duty and only one per cent tax rate should be imposed. The chamber would fully cooperate with Islamabad Estate Agents Association in resolving key issues of its members, ICCI Vice President NisarMirza assured. Highlighting the major issues of real estate sector, Islamabad Estate Agents Association General Secretary Chaudhry Zahid Rafique, said that real estate should be given the status of an industry to facilitate its growth better and high tax rates on the real estate sector have caused a slump in property business and that tax rates should be revised downward.
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