Real Estate Sector, Employing Millions, Faces Stagnation Due to Heavy Taxes: FPCCI President

Karachi: The real estate sector, which has provided employment to millions and played a key role in meeting basic housing needs, is currently facing stagnation, according to the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh.
In a statement, Sheikh highlighted that the sector has been severely impacted by heavy taxation, which has also led to a downturn in associated industries. Due to the high tax rates, the construction industry’s growth rate has dropped by 15% in recent years.
Sheikh emphasized the urgent need for measures to revive the real estate sector, urging the government to introduce new policies to address the issue. He also noted that the stagnation in the real estate market is one of the key challenges the Federal Board of Revenue (FBR) is facing in achieving its tax collection targets.
The FPCCI President called on the government to reduce tax rates on the property sector and suggested that the issue be raised during future talks with the International Monetary Fund (IMF).