Islamabad, February 3, 2025: Atif Ikram Sheikh, President of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), has expressed full support for the government’s relief package for the real estate sector. He emphasized the need for a review of the taxes imposed on the property and housing sector in the budget, stating that the 4% tax rate on property transactions is a major obstacle to the sector’s growth.
In a statement on Monday regarding the real estate relief package, he suggested that taxes on housing and real estate should be reduced to single digits. The government should offer all possible incentives for the acquisition of affordable housing, and for the first time in Pakistan, a complete tax exemption should be provided for the construction or purchase of homes.
Atif Ikram Sheikh also recommended that overseas Pakistanis be exempted from withholding tax in the incentive package, calling the permission for three-story residential buildings a good initiative. He urged the government to focus on high-rise buildings and mentioned that the real estate sector has been stagnant for the past few years. He called on the government to present a comprehensive plan for the sector’s recovery.
