By: Junaid Qayyum Abbasi
ISLAMABAD: The Prime Minister has taken a very wise decision by announcing a relief package for the construction sector and declaring it an industry as it would accelerate the pace of construction activities in the country, attract new investment and contribute effectively in improving the economy. This was observed by Tahir Abbasi, Senior Vice President, Islamabad Chamber of Commerce & Industry (ICCI) while talking to a delegation that called on him led by Muhammad Naveed Malik, Member, General Body of FPCCI during their visit to ICCI. Khalid Chaudhry, Saeed Ahmed Bhatti, and Muhammad Aslam Khokhar were also present at the occasion.
Tahir Abbasi said that the special incentive package for the construction industry will not only give a boost to this industry, it will also promote over 50 allied industries and create plenty of new jobs. He said that abolishing services tax, capital value tax, reducing other taxes and giving exemption to investors from Sec-111 of ITO for investing in the construction sector were quite bold decisions that would go a long way in promoting construction industry.
ICCI Senior Vice President said that the government should also consider abolishing 5% stamp duty on property transactions or bring it down to minimum level. He said that property sellers should also be given amnesty from Sec-111 of ITO that would further promote the construction industry and employment in the country.
Speaking at the occasion, Muhammad Naveed Malik, Member General Body FPCCI said that for the last many years, construction sector business activities had witnessed a significant slowdown due to which local investment had reduced while foreign investment had almost ended in this important sector of the economy. He said in these depressing times, Prime Minister has announced a relief package for the construction industry that has given new hope to potential investors. He was of the view that this package would put the construction industry on the path of sustainable growth and bring prosperity to the country. He hoped that the government would also meet other demands of the realtors to put the construction sector on a fast track of development and accelerate the economic growth of the country.