Mr. Atif Ikram Sheikh, President FPCCI, has appreciated the proposed tax measures to facilitate investments into real estate and construction sectors by the general public as 4 percent tax rate on sale and purchase of property has been a major obstacle in the development and commercial activities.
Mr. Atif Ikram Sheikh added that the real estate sector has been stagnant for the past few years; and, the government should present a comprehensive plan for its revival and rejuvenation – so that, buying houses becomes affordable and viable for the masses.
FPCCI Chief proposed that taxes on housing and real estate sectors should be reduced to single digits; the government should provide all possible incentives for acquiring low cost and affordable houses and complete tax exemption should be given for building or buying a house for the first time by any Pakistani across the board.
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 in view 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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