Published On: Wed, Jul 10th, 2019
Published in Category: Government

Government should introduce business friendly taxation policies :traders

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Lahore: Government must form special policies and introduce soft taxation regime for the real estate sector of the country.

This was upshot of the speeches delivered at a seminar on house & real estate at the Lahore chamber of Commerce & Industry.

The Experts said that In Pakistan, population is increasing so fast and so as it’s residential area is expanding rapidly as well as it food and other necessities. Now it is not only a target to overcome, it has become a big challenge.

“Pakistan is the only country in the region, in which the residential area is expanding every day. No fundamental change in constructional technologies has been seen since independence.

He while quoting an example of Singapore said that In 1965-66, Singapore was a worse slum of the world. But they worked on it and now they have an excellent community structures.

He said that to cope with every day growing residential needs with massive population increase per annum, we have to take immediate measures. As our agricultural area is shrinking day by day.

In Pakistan, real estate sector is 2nd largest sector in context of employment but the only need is to bring it formal economy”, they added.

LCCI Acting President Faheem-ur-Rehman Saigal said that real estate is an important sector of the economy of Pakistan which should be protected through conducive policies and soft taxation regime. He said that this not only attracts local investors but also expatriates and overseas Pakistani’s.

He said that mushroom growth of housing societies is eating up agriculture land and being an agrarian country, Pakistan cannot afford it. This issue can be addressed by horizontal residential buildings.

He said that teal estate is a dynamic sector and has the ability to attract huge foreign investment but because of adverse policies and heavy taxation, it is facing catastrophe-like circumstances and struggling for survival. He said that real estate sector is the second largest job provider and its crisis would lead to the unemployment.

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