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ICCI demands reduction in property taxes.

Islamabad: The Islamabad Chamber of Commerce and Industry (ICCI) has called upon the caretaker government to reduce taxes on the real estate sector, according to a news report. The ICCI Acting President Muhammad Naveed Malik said that the real estate sector is playing an important role in the economic development of the country, but that the imposition of heavy taxes will badly affect its business activities and should therefore be reduced. He said this during a meeting with a delegation of Islamabad Estate Agents Association being led by Chaudhry Zahid Rafique.

Malik also added that the outgiong Prime Minister had announced the reduction of tax rates on purchase of property by 1%, along with the abolishment of DC and FBR rates, but these measures hadn’t been implemented as of yet. He stressed that in place of Capital Gains Tax (CGT) slabs on purchase of property, a 5% flat CGT should be introduced.

Rafique added on this and said that the real estate sector should be given the status of an industry to facilitate better growth, and that high tax rates in the sector were causing a slump in property businesses. He also added that the tax rates for non-filers should be increased twice or thrice, but that they should be allowed to purchase property worth more than PKR 5 million. Rafique also added that 2% service charges for real estate agents should be considered legal as they are providing a service.

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