The construction sector has the potential to bring tremendous boost economic activities and make Pakistan a self-sufficient country in terms of financial resources, therefore, the government should further extend the amnesty scheme for at least one year so that maximum investors could avail this scheme for investment in the construction projects that would put the country on the path of sustainable economic growth. This demand was made by Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce & Industry while addressing a property expo conference at ICCI.
The property expo conference was attended by a large number of participants from the real estate and construction sector including the representatives of Grana.com, Parkview, Mumtaz City, Capital Smart City, Eighteen, Gulberg Green and many other builders and developers. Many of the participants booked stalls in the Property Expo being organized by the ICCI in August this year.
Sardar Yasir Ilyas Khan said that the facility of non-disclosure of sources of income was expiring on 30th June 2021 and urged that the government should further extend this facility for one year so that all potential investors could avail the fixed tax regime to invest in the construction sector. He said that according to the official statistics, 1,083 projects worth Rs.340 billion were registered with the FBR along with another 292 tentative projects with an indicative investment of Rs.43 billion under the PM’s package for the construction industry till May 2021 while about 3,851 buyers had shown interest in purchasing properties by availing tax incentives for the construction sector till May 6. However, he said that many more people were interested in availing the tax amnesty scheme for the construction sector and emphasized that the government should facilitate them by further extending the scheme for another year.
ICCI President said that the construction sector provided stimulus to around 50 sub-sectors including brick, cement, cables, fixtures, glass, aluminium, wood, paint, tiles, transportation and warehousing and all these ancillary sectors played a huge role in creating jobs and wealth simultaneously. Therefore, further extension in the amnesty scheme for the construction sector would have a multiplier effect on the economic growth of the country as it would accelerate the growth of many sectors besides creating plenty of new jobs.