- January 25, 2023
- Posted by: Huma Ishfaq
- Category: RBS News
ISLAMABAD: Real estate tax reform needs for the growth and prosperity of Pakistan.
According to Sardar Tahir Mehmood, President of the Islamabad Estate Agent Association and Federation of Realtors Pakistan, the real estate business is Pakistan’s second-largest industry with an investment volume of $88 billion.
He claimed that this industry receives $4 billion annually from Pakistanis residing overseas and has an $8 billion development potential.
To promote investment and economic growth, Mr. Mehmood urged the government to pass real estate tax reform, repeal 7E, draw in foreign investment, and lower tax rates.
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He noted that the sector is currently facing threats from issues like the excess gain tax and other levies.
A prominent business executive claims that the industry currently processes transactions worth PKR 3,000 billion.
Several speakers from different provinces, including those from Punjab, Sindh, KPK, Balochistan, and Azad Kashmir, spoke at the conference. They encouraged the government to change the tax structure for the real estate industry.