Tuesday, June 15, 2021

ABAD demands extension in amnesty scheme for construction industry

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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Fayyaz Ilyas, Chairman Association of Builders and Developers of Pakistan (ABAD), appreciating steps being taken by the Federal Government for construction industry, has demanded to extend Amnesty Scheme for real estate and construction industry by atleast one year.

He said, in a statement that due to unprecedented situation created by Corona pandemic all over the country and long delay in approval of building plans in Sindh a number of builders and developers could not register their projects under this Amnesty Scheme.

Fayyaz Ilyas said that Prime Minister Imran Khan had announced and once extended Special package for real estate and construction industry for economic growth through construction industry because this industry is considered the backbone of the economy all over the world.

Under extended package:

  • Source of income will not be asked for investment in real estate and construction upto 30th June, 2021,
  • Fixed Tax Regime for builders and developers upto 31st December, 2021
  • Project completion period was extended upto 30th June, 2022.
NBFI

Chairman ABAD requested the government to extend these periods at least upto 30th June, 2022, 31st December, 2022 and 30th June, 2023 respectively so that those people can avail this package who could not avail due to pandemic and lengthy delay in project approvals.

He said that Pakistan’s economy like other parts of the world has suffered a lot due to corona pandemic. It is evident that despite the second wave of corona pandemic production of cement, iron bars, paints, tiles etc have created new records, he said adding that to continue momentum of the economic growth the government should extend the Special package for real estate and construction industry otherwise the results achieved through this package will go in the vain.

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