Islamabad (August 08, 2018): Islamabad Chamber of Commerce and Industry (ICCI) here on Wednesday called upon the upcoming government of PTI to introduce reforms in taxation system, focusing on direct taxes and rationalization of existing taxes for the revival of national economy.
While, talking to a delegation of Traders Welfare Association, Gulberg, Islamabad, President ICCI Shaikh Amir Waheed said that real estate sector has the potential to uplift the economy, but 23-25 percent cumulative taxes on it were impeding its growth.The delegation of Gulberg Islamabad along with its president Muhammad Najeeb Malik visited ICCI and discussed the issues being faced by the real estate sector in the country, said a press release. Amir Waheed urged the government to revise high taxes on this important sector to facilitate its better growth.
He said that around 250 ancillary industries including cement, steel, brick, timber and building material was linked with real estate sector and government should create conducive environment for it to turn around the economy.He said the current taxation system was relying on indirect taxes that burdened the businesses as well as the common man.
He stressed that the incoming government should bring reforms in taxation system to focus on direct taxes with low tax rates that would help in improving the tax revenue.