Extension to construction industry: FPCCI welcomes PM's decision

KARACHI: President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Nasser Hyatt Magoo has appreciated Prime Minister for giving extension to construction industry on FPCCI's recommendation.

He lauded the Prime Minister of Pakistan Imran Khan for extending the fixed tax regime till Dec 31, 2021 for the construction sector on FPCCI's recommendation and said that the healthy activities in construction sector will help to achieve a higher GDP growth rate.

He said that the FPCCI welcomes the Prime Minister's statement in the perspective of the second wave of Covid-19 pandemic as the tax wavier will facilitate the constructors, and will tremendously enhance the socio-economic condition of the labourers earning on daily basis and will provide the ultimate support to the construction material industry.

While announcing the extension, PM Imran Khan said that projects worth Rs186 billion have been registered with the FBR (Federal Board of Revenue) and the projects of Rs116 billion are in the process of registration, under the incentives we had given for construction in April. This is good that people are availing this package, he added.

He said that the prime minister also announced the facility of non-disclosure of the source of income while making investment till June 2021 and a one-year extension to construction projects, which were supposed to be completed in 2022 and now they can be completed by 2023.

Magoo further said that due to the high risk of corona spread, many of the builders and developers were not able to avail the facility, therefore the scheme will help the construction industry to stand again during this year.

"Livelihood opportunities for the daily wagers through construction projects will also contribute to weaken the negative impact of the Covid-19 pandemic on the national economy," he added.

Copyright Business Recorder, 2021