ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Sheikh Amir Waheed has urged the government to reduce taxes on the real estate sector so that it can spur economic development.His remarks came as he addressed a delegation of Islamabad Estate Agents Association (IEAA).Waheed said that the real estate sector is vital in promoting industry, and employment but imposition of taxes has badly affected its growth.“The growth of about 250 ancillary industries including cement, steel, brick, timber and building material is linked with the real estate sector,” he remarked.Key reforms for Pakistan’s real estate sector hit a snag“However, ...

ISLAMABAD: A panel of senators has stressed the importance of swiftly setting up a Real Estate Authority in the federal capital to help protect the rights of land allottees.This was stated in a meeting of the Senate Standing Committee on Capital Administration was held under the chair of Senator Dr Ashok Kumar at the Parliament House on Monday.During the meeting, Senator Mohsin Aziz of the Pakistan Tehreek-e-Insaf  (PTI) reviewed the Real Estate Bill and asserted that establishment of a Real Estate Authority was imperative to protect allottees’ rights.To elaborate his point, he said that residents of the capital ...

ISLAMABAD: The tax contribution by Pakistan’s booming realty sector, where most of the untaxed money is parked, stood at only Rs23 billion or less than 0.1% of the size of national economy in the previous fiscal year.To tackle such challenges posed by a weak tax administration and a culture of tax evasion, the Pakistan Tehreek-e-Insaf (PTI) government may appoint the Federal Board of Revenue’s (FBR) chairman from the private sector.The realty sector, where huge black money is parked, paid slightly over Rs23 billion in the last fiscal year 2017-18. This included tax collection under an amnesty scheme for ...

KARACHI: Pakistan's real estate sector seems to be experiencing a slowdown in activity as stakeholders are now getting used to new regulations and the tax regime.The rough patch comes after the government introduced various changes in a bid to increase its revenue and control the flow of illicit money into the sector, cornering speculators and non-filers of income tax returns.Key reforms for Pakistan’s real estate sector hit a snagHowever, in a survey conducted by The Express Tribune, several real estate agents say there has been a major slowdown in business for several months, and it started even before ...

KARACHI: The real estate sector had been struggling due to the government's condition that had prohibited non-filers of income tax returns from buying property valued above Rs5 million, However, now, with the ban withdrawn, the sector is expected to flourish again and attract foreign exchange from expatriates.On Tuesday, the government removed the ban, announced by former finance minister Miftah Ismail in April, earlier this year, which was applicable from July 1, 2018. Reacting to the decision, Ismail expressed his displeasure on Twitter and accused the incumbent government of falling to the pressure of auto companies and land developers.Booming ...