FPCCI supports the proposed tax incentives for the Real Estate Sector

Mr Atif Ikram Sheikh, President of FPCCI, has appreciated the proposed tax measures to facilitate the general public’s investments in real estate and construction. The 4 percent tax rate on the sale and purchase of property has been a major obstacle to development and commercial activities.

Mr. Atif Ikram Sheikh added that the real estate sector has stagnated for the past few years,. The government should present a comprehensive plan for its revival and rejuvenation so that buying houses becomes affordable and viable for the masses.

The FPCCI Chief proposed reducing taxes on the housing and real estate sectors to single digits. The government should also provide all possible incentives for acquiring low-cost and affordable houses. Finally, Pakistanis should be completely tax-exempt from building or buying a home for the first time.

Mr Atif Ikram Sheikh maintained that commercial banks should be encouraged to facilitate housing finance on a priority; the housing package must also include exempting overseas Pakistanis from withholding tax (WHT), and three floors of residential houses should be allowed given housing needs of a population of 250 million.

President FPCCI stressed that the government should move towards vertical development and high-rise buildings to provide decent housing to the masses with decent civic amenities in an efficient time frame.

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