Businessmen oppose real estate tax hike
Despite booming real estate business, they contribute peanuts in taxes. PHOTO: WIKIMEDIA
Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir has said that the construction industry plays a key role in the country’s economic development, but high taxes imposed on the real estate and construction sector will badly affect business activities and cause harm to the economy.
Speaking at a meeting of the ICCI Real Estate Committee called to discuss the new tax measures, he stressed that the government should withdraw the high taxes levied on the realtors to save the sector from further decline.
Munir said around 74 industries were linked with the construction sector and the increase in taxes would slow down businesses of all the related industries. He urged the government to act swiftly and consult with the stakeholders to address their concerns over the tax matters.
“The government should also allow businesses in Islamabad to remain open till 11pm, as has been done in Karachi, especially during the Eid season,” he said.
Published in The Express Tribune, June 26th, 2022.
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