Ahsan Zafar Bakhtawari, the President of the Islamabad Chamber of Commerceand Industry (ICCI), has issued a passionate plea to the government, urginga reduction in the substantial taxes imposed on the real estate andconstruction sector. He believes that such a move could result in a swiftinflux 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 interconnectedindustries hinges on the performance of the real estate and constructionsector. Hence, fostering its growth would inevitably bolster the overallbusiness climate and contribute to the economic rejuvenation of the nation.These remarks were made during his address as the chief guest at an eventheld in his honor, hosted by the renowned real estate developer, SialSarfraz.
During the occasion, not only was the balloting of plots for his housingproject conducted, but also, a birthday cake was ceremoniously cut incelebration of Ahsan Bakhtawari’s special day.
The President of ICCI underscores the real estate sector’s vital role inattracting remittances and foreign investments. He laments that theimposition of onerous taxes has led to a substantial decline in foreignremittances, exacerbating the economic challenges. This has causedstagnation within the real estate and construction sector, resulting inrising unemployment rates.
In his fervent appeal, Bakhtawari advocates for a reduction in taxes forthis sector, particularly the withdrawal of taxes on deemed income fromimmovable property. He asserts that by creating a conducive environment forthis industry, the government can swiftly attract billions of dollars,effectively resuscitating the national economy and spurring economicdevelopment.
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Sarfraz Sial, speaking at the event, emphasizes that overseas Pakistanisare keen on investing in the real estate sector but are deterred by theheavy tax burden. He implores the government to reconsider its tax policiesand introduce more appealing incentives to attract foreign investments, amove that could provide essential support to the fragile national economy.He firmly believes that by focusing on the real estate and constructionsector, the government can steer the economy from recession towardssustainable development.
The event, attended by prominent figures including Zafar Bakhtawari, formerPresident ICCI, and Secretary General UBG Pakistan, Tahir Abbasi, served asa platform for influential discussions about the future of the real estateand construction sector. Furthermore, the evening was enriched by thesoulful melodies of a Mehfal-e-Qawwali, adding a cultural dimension to theoccasion
