Daily Times

Islamabad Chamber of Commerce & Industry (ICCI) President Sheikh Amir Waheed has called upon the government to reduce heavy taxes on real estate sector so that this important sector could play an effective role in the economic development of the country.

He was addressing a delegation of Islamabad Estate Agents Association (IEAA) that visited ICCI led by its president Sardar Tahir.

IEAA General Secretary Chaudhry Zahid Rafiq, Ittehad Group Founder Abid Khan, patron-in-chief Tahir Abbasi, other office bearers and members of the association were also present at the occasion.

ICCI President Sheikh Amir Waheed said 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.

Published in Daily Times, July 24^th 2018.