FPCCI Supports the Proposed Tax Incentives for the Real Estate Sector Atif Ikram Sheikh, President FPCCI

Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has appreciated the proposed tax measures to
facilitate investments into real estate and construction sectors by the general public as 4 percent
tax rate on sale and purchase of property has been a major obstacle in the development and
commercial activities.

Mr. Atif Ikram Sheikh added that the real estate sector has been stagnant for the past few years;
and, the government should present a comprehensive plan for its revival and rejuvenation – so
that, buying houses becomes affordable and viable for the masses

FPCCI Chief proposed that taxes on housing and real estate sectors should be reduced to single
digits; the government should provide all possible incentives for acquiring low cost and
affordable houses and complete tax exemption should be given for building or buying a house for
the first time by any Pakistani across the board.

Mr. Atif Ikram Sheikh maintained that commercial banks should be encouraged to facilitate
housing finance on a priority; the housing package must also include exempting overseas
Pakistanis from withholding tax (WHT) and three floors of residential houses should be allowed
in view hosuing needs of a population of 250 million.

President FPCCI stressed that the government should move towards vertical development and
high-rise buildings to provide decent housing to the masses with decent civic amenities in an
efficient time-frame.