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According to Sardar Tahir Mehmood, President of the Islamabad Estate Agent Association and Federation of Realtors Pakistan, the real estate sector is Pakistan’s second-largest industry with an investment volume of $88 billion.
The president of EAA claims that annually, Pakistanis who reside outside of Pakistan invest $4 billion in this sector, with the potential to reach $8 billion. In the meanwhile, he requested that the government implement tax rationalization, repeal 7E, allows for foreign investment, and cut the tax rate in his speech to the conference.
Sardar Tahir predicted that these actions will increase investment in the country and boost economic growth.
He claimed that this sector, which is presently dealing with serious challenges, is threatened by the excess of Gain tax, property registration, and other taxes. This country’s commercial industry reportedly transacts the business of Rs 3000 billion at the moment.
At the meeting, speakers from the four provinces—Punjab and Sindh, KPK and Baluchistan, and Azad Kashmir—called on the government to reduce taxes for the real estate industry.