Ahsan Zafar Bakhtawari, the President of the Islamabad Chamber of Commerce and Industry (ICCI), has urged the government to implement significant tax reductions within the real estate and construction sectors.
This request, as reported on September 11, stems from Bakhtawari’s belief that such tax cuts could potentially attract a substantial foreign investment of approximately USD 6 billion in a short period, which would provide a much-needed boost to Pakistan’s economy.
Speaking at a reception held in his honor, Bakhtawari emphasized that heavy taxation has adversely affected the real estate sector’s ability to attract foreign remittances and investments, resulting in a significant decline in such inflows and creating an alarming economic gap.
To address these challenges, Bakhtawari called on the government to rationalize taxes within the sector. He proposed the removal of taxes on deemed income for immovable property and the establishment of a favorable environment that would rejuvenate the sector, subsequently driving the country’s economic development.
By reducing tax burdens and creating a conducive atmosphere for investment, Pakistan’s real estate and construction sectors have the potential to become attractive destinations for both local and foreign investors, ultimately contributing to the nation’s economic growth and stability.
Ahsan Zafar Bakhtawari, President of the Islamabad Chamber of Commerce and Industry (ICCI), has emphasized the urgent need for substantial tax reductions within Pakistan’s real estate and construction sectors.
Bakhtawari’s call for tax cuts, as reported on September 11, is driven by the potential to attract a significant influx of foreign investment, estimated at USD 6 billion, in a short time frame. He pointed out that the heavy taxation in these sectors has deterred foreign remittances and investments, resulting in a noticeable decline in economic inflows and creating a concerning economic gap.
To address these challenges and stimulate growth,