AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

KARACHI: Federal Tax Ombudsman (FTO) Dr Asif Mahmood Jah has committed to prioritising and resolving tax-related challenges faced by the Association of Builders and Developers (ABAD), emphasising the critical role of the construction sector in Pakistan's economic development.

During a meeting at ABAD House, Dr Asif Mahmood highlighted the sector's substantial economic contributions, noting that construction activities provide employment to millions and generate trillions in tax revenue. He pledged to appoint an ABAD representative as an advisor to the FTO, resolve tax-related complaints promptly and treat taxpayers with respect and dignity

In 2023, the FTO processed 8,963 complaints, successfully resolving 8,000 of them. The ombudsman encouraged ABAD members to file formal written complaints for expedited resolution.

ABAD Chairman Hassan Bakhshi criticised the Federal Board of Revenue's (FBR) monitoring policies, arguing that repeated summons to builders and developers harm the national economy.

He referenced a State Bank of Pakistan report highlighting the sector's economic significance, including overseas Pakistanis remit $30 billion annually, 54% of these remittances are invested in real estate and construction and additional tax burdens like federal excise duty discourage foreign investment

The meeting underscored the need for a balanced approach to taxation that supports the construction sector's growth and economic potential.

Copyright Business Recorder, 2024

Comments

Comments are closed.