LAHORE: The Lahore chamber of Commerce & Industry (LCCI) has urged the government to declare real estate sector as industry and should not impose any new tax as it is not only an important source of revenue for the government but is also providing direct or indirect employment to millions.
The demand was raised by the LCCI President Sheikh Muhammad Arshad while talking to the delegation of DHA Real Estate Agents Association, led by its Chairman Major ® Rafiq Hasrat, here at the Lahore Chamber of Commerce & Industry. Former LCCI President Muhammad Ali Mian, former Senior Vice President Irfan Iqbal Sheikh and Executive Committee Member Nasira Taskeen also spoke on the occasion.
The LCCI President said that real estate sector is an important and growing sector of economy and Pakistan spends billions of dollars on construction every year. He said that real estate sector is also help growing various allied industries therefore government should declare this important sector as industry.
He informed the delegation members that the Lahore Chamber of Commerce & Industry is making all out efforts to get the issues being faced by the trade and industry resolved at the earliest. He said that the Lahore Chamber of Commerce & Industry has forwarded budget proposals to the government and Prime Minister’s advisor on finance has informed that concerned departments are considering LCCI proposals seriously.
The LCCI President said that ongoing projects under CPEC have direct relation with economic development and would also give boom to the real estate sector. He urged the government to ensure that concerned Chinese investors and companies engaged in CPEC must consider the indigenously produced inputs from Pakistan except those goods which are not produced locally.
Sheikh Muhammad Arshad said that business community is backbone of the economy therefore government would have to resolve their issues on priority to give a jumpstart to the economic activities.
He said that Pakistan lacks culture of tax compliance due to unfair taxation system. Elimination of harmful taxation that hinders business and trade in the country was unanimously demanded. He said that we want broad based reforms in taxation system with the consultation of private sector. Withholding tax regime needs to be reviewed and withholding agents should be given certain incentives.
The LCCI President said that real estate sector is playing a significant role to promote the economic activities in the province. He said that the Lahore Chamber of Commerce & Industry would extend maximum cooperation to DHA Real Estate Agents Association.
Head of the delegation and Chairman DHA Real Estate Agents Association Major ® Rafiq Hasrat said that real estate sector could generate huge revenue for the government once it is declared as industry. He said that government should establish a licensing authority for real estate agents which would also help trust building of the investors.
He informed the LCCI President that the association has designed courses for real estate agents to give them awareness about the day-by-day changing business techniques. He said that the association has almost 600 and wants to work hand in hand with the Lahore Chamber of Commerce & Industry.
