Businessmen Reject New Taxes On Real Estate

Web Desk — Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir warns that the high taxes imposed on the real estate and construction sector will badly affect the business activities and cause harm to the country’s already feeble economy.

Speaking at a meeting of the ICCI Real Estate Committee called to discuss the new tax measures, he said that the construction industry plays a key role in the country’s economic development. He stressed the government to withdraw the high taxes levied on the realtors claiming that the real estate sector will decline with the burden of the new taxes.

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.