Punjab govt move hailed for exempting immovable property from ST

LAHORE: S M Nabeel, Chairman ABAD Punjab, has hailed the Punjab government's decision to exempt immovable property from sales tax on services. This decision, which has been formally notified by the Punjab government, is a significant relief for property owners and developers across the province.

Nabeel stated that ABAD Punjab had represented this issue with the Punjab Chief Minister two weeks ago, and the matter was taken to the cabinet, which has now been resolved in the best interest of the stakeholders. "This decision is a testament to the effective representation and lobbying efforts of ABAD Punjab," Nabeel said. "We are grateful to the Punjab government for taking this decision, which will have a positive impact on the real estate and construction sector, a significant contributor to the country's economy."

The exemption of immovable property from sales tax on services is expected to attract new investment in the sector, leading to economic growth and job creation. Nabeel expressed his confidence that this move will benefit the people of Punjab and strengthen the economy.

Nabeel further said that ABAD Punjab will continue to work with the government to address the issues faced by the industry and promote a business-friendly environment in the province.

Copyright Business Recorder, 2025