By Malik Zubair
RAWALPINDI: RECA President of DHA Islamabad Rawalpindi Lt. Col. (R) Asif Iqbal Kayani, General Secretary Adil Bhatti and others have demand from the government that the real estate sector is the backbone of the country’s economy. The countries which gave importance to their real estate sector have developed today. A new tax system should be introduced in the country. The government should review the taxes applied in the real estate sector. We want to play our role in fixing the economy of Pakistan.
The real estate sector helped the most in getting out of FATF’s gray list and because of us, Pakistan has been able to get out of FATF’s gray list. Senior Vice President Reca Masood Ahmed, General Secretary Reca Aadil Nawaz Bhatti, Vice President Reca Asrar Mansab, Joint Secretary Bilal Ahmed, ch Mushtaq, Sardar tanveer ,Finance Secretary Ali Hassan, Secretary Information Syed Haider Ali Zaidi and others while holding a press conference. (R) Asif Iqbal Kayani. We are not related to any political party but to the business community. The real estate sector is a milk cow. Even the real estate sector was regularized and those countries developed, but in Pakistan this sector has reached the brink of destruction due to the lack of attention of the government. If the government tries to strangle this sector, they will be forced to protest on the streets.
RECA Secretary Adil Nawaz Bhatti said that the general impression is that the real estate sector does not want to pay tax, but every employee of RECA is a tax payer and we want to pay tax to the government, the government should increase its tax net and reduce the tax rate. So that it gets more revenue and the country develops, the government should regularize the real estate sector and give incentives, we can collect more revenue and give it to the government. Seventy percent of the incoming foreign exchange was invested in the real estate sector, but due to the government policies, the foreign exchange reserves have decreased dangerously due to the lack of confidence of the investors. Investors have to trust.
