Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani has 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 the construction sector, Mohsin Sheikhani said that ABAD was demanding incentives for the construction sector because more than 70 allied industries are depending on the 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 the construction sector this year, Fix Tax Regime (FTR) for the construction sector, 90 percent Fixed Tax will be waived off if invested in Naya Pakistan Housing Scheme. With Holding Taxes waived 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 the Construction sector and much-awaited Construction Industry Development Board to be established for the development of Construction Industry.
We are wholeheartedly grateful to the Prime Minister and also request him to announce a universal policy for approval of building plans throughout Pakistan so builders and developers can start construction as early as possible.