PESHAWAR: Representatives of real estate sector have expressed concern over imposition of heavy taxes on the sector and asked the government to withdraw the levies, or they would launch a countrywide protest.
Speaking at a news conference at the Peshawar Press Club, Federation of Realtors Pakistan Chairman Ejaz Khan said the government didn’t fulfil its commitment regarding bringing down the existing tax ratio on real estate sector to the level prevailed in 2016.
Khan said the real estate sector had the potential to promote investment, industry, economic growth and employment, but the government had imposed heavy taxes on it in the 2016-17 budget, affecting its growth. He urged the government to cut heavy taxes on the sector in the coming budget.
He said since July 2016, the government had increased taxes by 100 per which had caused 50 to 60 per cent reduction in the business activities across the country.
The association’s central vice president Aslam Khan Dawar, KP property dealers’ association president Javed Khattak, and scores of investors attached with real estate business were present at the presser.
Ejaz Khan claimed real estate sector was the second largest job provider and heavy taxation had led to unemployment and considerably decreased transactions across the country.
