ABAD hails PM's tax incentives as 'historic'

Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani has termed the tax 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 Friday 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 following tax incentives: No question will be asked about investment in construction sector this year, Fixed Tax Regime (FTR) for construction sector, 90 percent Fixed Tax will be waved off if invested in Naya Pakistan Housing Scheme, waiver of withholding taxes, 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, Sheikhani added.