Construction sector: Govt expects tax payments in unison with incentives: PM

ISLAMABAD: Prime Minister Imran Khan Friday said the government expects the construction sector to pay taxes in reciprocity of incentives being provided to them.

Speaking at the Pakistan Housing and Construction Expo 2021, the prime minister said that during the last two years, the government provided incentives to the construction sector, which were never provided in the past.

“We will increase incentives for the construction sector.”

He asked the industry and businesses that the government expects them to pay taxes in the same spirit as the government was providing them incentives.

The prime minister said that there is a boom in the construction sector after the passage of the foreclosure law, which has opened the way for banks to provide mortgage financing for the construction of houses.

He said that the common man required house and the government would facilitate the construction sector.

Construction boom has started in Pakistan: PM

He said his government’s effort is to lift the poor and vulnerable people up, which remained neglected during the last 70 years as all the facilities were for a very small class.

The government’s challenge is to protect the poor and the vulnerable, and the construction sector is important for him, and during corona he got concessions from the IMF for the construction sector to provide work to the daily wage workers.

He said that during the meeting on construction, it was realised that there are so many hurdles for the industrial sector. He said that the system has evolved in a way that it instead of helping the construction and other sectors, creates hurdles for them.

The prime minister said that changing the system required time and the people ask about Naya Pakistan.

He said it is not like pushing a button would create a Naya Pakistan rather it is name of a continuous struggle.

The prime minister said that the government is trying to bring about reforms in the FBR to increase tax increase and wealth creation that is important for repayment. When the economy would grow, then all these things would happen, he said, adding that “we are trying to increase exports to $30 billion.”

He urged the industry and the businesses that the government expects them to pay taxes in the same spirit as the government was providing them incentives.

Copyright Business Recorder, 2021