Business

ICCI urges rationalisation of taxes

High taxes and a new method of determination of property prices have slumped the business and its allied industries

Our Correspondent July 24, 2018

039 the growth of about 250 ancillary industries including cement steel brick timber and building material is linked with the real estate sector 039 photo file

'The growth of about 250 ancillary industries including cement, steel, brick, timber and building material is linked with the real estate sector' PHOTO:FILE

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Sheikh Amir Waheed has urged the government to reduce taxes on the real estate sector so that it can spur economic development.

His remarks came as he addressed a delegation of Islamabad Estate Agents Association (IEAA).

Waheed said that the real estate sector is vital in promoting industry, and employment but imposition of taxes has badly affected its growth.

“The growth of about 250 ancillary industries including cement, steel, brick, timber and building material is linked with the real estate sector,” he remarked.

Key reforms for Pakistan’s real estate sector hit a snag

“However, high taxes and a new method of determination of property prices have slumped the business and its allied industries.”

Published in The Express Tribune, July 24^th, 2018.

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