Revamping Real Estate Taxes: ICCI’s Emphasis on Addressing Tax Issues in the Sector

Revamping Real Estate Taxes: ICCI's Emphasis on Addressing Tax Issues in the Sector

Islamabad: President of Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari, has emphasized the urgent need to involve realtors in consultations to make real estate taxes more reasonable.

According to details, a joint seminar on tax issues in the real estate sector was organized by ICCI in collaboration with the Islamabad Estate Agents Association (IEAA) and the Federation of Realtors Pakistan (FORP). Addressing the seminar, Ahsan Zafar Bakhtawari shed light on the importance of incentivizing investments in construction and the real estate sector to boost morale.

During the seminar, President of the Islamabad Estate Agents Association and President of the Federation of Pakistan Realtors, Sardar Taher Mahmood, also highlighted critical tax-related issues facing the real estate sector.

Furthermore, he raised concerns over the adverse effects of the 1% tax on non-movable furniture under Section 7E, and urged for its immediate withdrawal to save the real estate business from further damage.

In addition, President Sardar Taher Mahmood of the Federation of Pakistan Realtors expressed apprehensions about the increase in the rate of the Withholding Tax (WHT) for filers and non-filers, buyers, and sellers, fearing that such measures could lead to tax evasion instead of revenue generation for the country.

He also warned that if the government does not reconsider these measures, realtors would strongly protest against these aggressive tax actions.

Furthermore, prominent personalities associated with the real estate sector also voiced their concerns and demanded the government to roll back the excessive taxes imposed on the real estate sector, which could further burden the economy.

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