Icci appeal govt to cut off taxes on real estate to attract Foreign Funding
Islamabad: According to a news source on September 11, Ahsan Zafar Bakhtawari, the president of the Islamabad Chamber of Commerce and Industry (ICCI), has asked the government to significantly reduce taxes on the real estate and construction industries.
According to the specifics, ICCI President Bakhtawari said that tax reductions in real estate may perhaps attract a significant foreign investment of up to USD 6 billion in a short period of time, giving Pakistan's economy a much-needed boost.
The ICCI President noted that high taxes had hurt the real estate sector's capacity to draw foreign remittances and investments when speaking as the chief guest at a banquet organized in his honor. A worrying gap has been created as a result of this trend's significant reduction in international remittances.
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Bakhtawari encouraged the government to rationalize taxes for the industry in order to address any terrible gaps and issues in the future. He suggested eliminating taxes on presumed income for immovable property and developing an environment that would update the industry and, in turn, propel the nation's economic growth.
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