ISLAMABAD -  Islamabad Chamber of Commerce and Industry (ICCI) President Khalid Iqbal Malik has said that the government should reduce tax rates on real estate sector to facilitate its better growth.

While addressing at Islamabad Real Estate Association (IREA), the ICCI president said that real estate sector was playing crucial role in the economic development of the country and creating jobs, but imposition of heavy taxes has hampered its growth.

He visited IREA along with a delegation to congratulate Rana Arshad, newly elected President of the Association. ICCI Vice President Tahir Ayub, Khalid Javed, Khalid Chaudhry, Ch Irfan, Saifur Rehman, Nisar Miraz, Nasira Ali, Ashfaq Chatha, Naeem Siddiqui and others were also present at the occasion.

The ICCI president said that the government has recently given some relief to real estate sector which was insufficient to remove its difficulties. He said Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar had promised to launch a new amnesty scheme which would reduce problems of real estate sector and added that business community was still waiting for its announcement.

He urged that the government should immediately reduce tax rates on real estate sector to pave way for its fast growth that would bring multiple benefits to the economy. Khalid Javed, Chairman Founder Group assured that ICCI would play its role for resolving the key issues of real estate sector.

While speaking at the occasion, IREA President Rana Arshad and Secretary General Zulqarnain Abbasi highlighted the key issues of their sector and hoped that ICCI would cooperate in addressing the same. He assured that his association would fully support ICCI in its endeavors aimed at promoting business and economic activities.