ISLAMABAD : July 24,2023: Islamabad Real Estate Agents Association (IEAA) is going to give its version on the recent increase in tax imposed on the real estate sector at a press conference to be held at National Press Club Islamabad (NPC) on July ,25 . IEAA has serious concern over new tax slabs introduced by the Federal Board of Revenue (FBR) for real estate sector in the new tax regime. IEAA president, Sardar Tahir Mahmood, will give a full picture of the real estate business and impact of the new tax slabs on the real estate sector at the press conference . IEAA had held a meeting a couple of days ago here to take into account the impact of the new tax slabs introduced by FBR for the real estate sector. The meeting had unanimous opinion that new tax slabs will have far reaching negative impact on the real estate business and turn this key sector of the economy into a dead end. IEAA will present its proposals to the FBR in its presser. IEAA has serious reservations over the rates of gain tax and withholding tax for the filers and non filers on sale and purchase of plots . IEAA will put forward a new tax proposal for real estate sector. Real estate sector is considered the most important sector.of Pakistan ‘s economy and it’s one of the major income providers in Pakistan. Pakistan’s economy heavily depends on growth of the real estate sector. Real estate sector makes 45 industries operate, besides providing jobs to millions of people. This sector is reeling under heavy taxation for the last couple of years. IREA president, Sardar Tahir Mahmood, spoke to NEWSMAN on Monday on the issue of taxation imposed on the real sector. He said the real estate sector can grow provided the government. Imposes reasonable tax on this sector. He said IEAA has useful proposals to develop win -win situation for the stakeholders and these proposals will be put forward at the press conference scheduled for July 25. IEAA president hoped that the government will take our counter proposals in good and positive spirit.
