An immediate recipe to bring $5 billions in Pakistan's cash stripped economy
Ahsan Zafar Bakhtawari, the President of the Islamabad Chamber of Commerce and Industry (ICCI), has issued a passionate plea to the government, urging a reduction in the substantial taxes imposed on the real estate and construction sector. He believes that such a move could result in a swift influx of foreign investment, amounting to approximately US$ 5-6 billion, which would play a pivotal role in resuscitating the national economy.
Bakhtawari emphasizes that the prosperity of nearly 70 interconnected industries hinges on the performance of the real estate and construction sector. Hence, fostering its growth would inevitably bolster the overall business climate and contribute to the economic rejuvenation of the nation. These remarks were made during his address as the chief guest at an event held in his honor, hosted by the renowned real estate developer, Sial Sarfraz.
During the occasion, not only was the balloting of plots for his housing project conducted, but also, a birthday cake was ceremoniously cut in celebration of Ahsan Bakhtawari's special day.
The President of ICCI underscores the real estate sector's vital role in attracting remittances and foreign investments. He laments that the imposition of onerous taxes has led to a substantial decline in foreign remittances, exacerbating the economic challenges. This has caused stagnation within the real estate and construction sector, resulting in rising unemployment rates.
In his fervent appeal, Bakhtawari advocates for a reduction in taxes for this sector, particularly the withdrawal of taxes on deemed income from immovable property. He asserts that by creating a conducive environment for this industry, the government can swiftly attract billions of dollars, effectively resuscitating the national economy and spurring economic development.
Sarfraz Sial, speaking at the event, emphasizes that overseas Pakistanis are keen on investing in the real estate sector but are deterred by the heavy tax burden. He implores the government to reconsider its tax policies and introduce more appealing incentives to attract foreign investments, a move that could provide essential support to the fragile national economy. He firmly believes that by focusing on the real estate and construction sector, the government can steer the economy from recession towards sustainable development.
The event, attended by prominent figures including Zafar Bakhtawari, former President ICCI, and Secretary General UBG Pakistan, Tahir Abbasi, served as a platform for influential discussions about the future of the real estate and construction sector. Furthermore, the evening was enriched by the soulful melodies of a Mehfal-e-Qawwali, adding a cultural dimension to the occasion