ICCI wants government to lower real estate, construction taxes

ICCI wants government to lower real estate, construction taxes

According to a September 11 news report, Islamabad Chamber of Commerce and Industry (ICCI) President Ahsan Zafar Bakhtawari has requested the government to reduce real estate and construction sector taxes substantially.

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According to the details, ICCI President Bakhtawari argued that tax cuts could potentially attract around USD 6 billion in foreign investment within a brief period of time, providing Pakistan’s economy with a much-needed boost.

As the chief guest at a reception conducted in his honor, the president of the ICCI lamented that the real estate sector’s ability to attract foreign remittances and investments had been hampered by excessive taxation. This trend has resulted in a significant decrease in foreign remittances, resulting in an alarming void.

Bakhtawari urged the government to rationalize the sector’s levies in order to address all dreadful gaps and difficulties. He proposed the elimination of taxes on presumed income from immovable property and the establishment of a favorable environment that would reinvigorate the sector and, in turn, propel the country’s economic growth.

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