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Tag: construction industry

  • ABAD hails tax incentives for construction industry

    ABAD hails tax incentives for construction industry

    KARACHI: Mohsin Sheikhani, Chairman, Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani on Friday termed the incentives announced by Prime Minister Imran Khan as a historic package for the construction industry of Pakistan and this package will prove a turning point for the economy of Pakistan.

    Commenting on incentives announced for construction sector, Mohsin Sheikhani said that ABAD was demanding incentives for the construction sector because more than 70 allied industries are depending on construction sector. He said that we are indebted to Prime Minister for reviving the construction industry.

    He said that Prime Minister has announced that no question will be asked about investment in construction sector this year, Fix Tax Regime (FTR) for construction sector, 90 percent Fixed Tax will be waved off if invested in Naya Pakistan Housing Scheme, With Holding Taxes waved off, Federal Government will discuss with Provinces regarding sales tax reduction. Punjab and KPK have reduced sales tax to 2 percent, no Capital Gain Tax will be charged in case of Family house sell, Rs 30 Billion Subsidy for Naya Pakistan Housing Scheme, Status of Industry to Construction sector and much awaited Construction Industry Development Board to be established for development of Construction Industry.

    We wholeheartedly grateful to the Prime Minister and also request him to announce an universal policy for approval of building plans throughout Pakistan so builders and developers can start construction as early as possible.

  • Prime minister forms committee to resolve tax challenges for construction industry

    Prime minister forms committee to resolve tax challenges for construction industry

    ISLAMABAD: Prime Minister Imran Khan on Monday constituted a committee for formulation of proposals to resolve challenges of federal and provincial taxes faced by construction industry.

    The committee will be headed by Naya Pakistan Housing Authority Chairman Lt Gen (R) Anwar Ali Haider.

    The prime minister was chairing a high level meeting regarding the revival and promotion of construction sector. The meeting was briefed in detail about the challenges faced by the sector.

    According to state news media the prime minister highlighted the significance of construction sector in boosting economic activities and said the present government had given a lot of importance to the sector, which would help realize the project of five million housing units.

    The meeting was attended by Punjab Chief Minister Usman Buzdar, Khyber Pakhtunkhwa Chief Minister Mehmood Khan, Punjab Finance Minister Makhdoom Hasham Jawan Bakht, Punjab Housing Minister Mian Mehmood-ur-Rasheed, Balochistan Finance Minister Zahoor Ahmad Bulaidi, FBR Chairman Syed Shabbar Zaidi, Board of Investment Chairman Syed Zubair Haider Gilani, Planning Commission Deputy Chairman Jahanzeb Khan, Naya Pakistan Housing Authority Chairman Lt Gen (R) Anwar Ali Haider and senior federal and provincial governments’ officers.

    The prime minister said the promotion of construction sector was the government’s foremost priority, adding since around 40 industries were allied with it, the promotion of construction sector besides developing those industries would also create job opportunities for youth.

    The meeting discussed in detail various proposals regarding the provision of bank loans, uniform implementation of taxes and promotion of public-private partnerships for the construction sector.

    The prime minister was briefed about the problems faced by the builders, contractors, developers and real estate businesses, especially, the ratio of federal and provincial taxes, difficulties in the provision of capital from banks, problems regarding registration, other official procedures and corruption.

    Other members of the committee included the Federal Board of Revenue (FBR) chairman, Governor State Bank, Punjab finance minister, provincial chief secretaries and other relevant officers.

    The prime minister directed the committee to submit a strategy along with recommendations to address the problems about taxes, provision of loans from banks and other difficulties faced by the construction sector within the next 24 hours.