Lahore, (Parliament Times) : The Pakistan Industrial and Traders Associations Front has welcomed the one year’s extension in the period for construction projects by allowing them to be completed by 2023 which would facilitate the execution of more projects in this important sector, urging the government to announce the same relief to also other industrial sectors with a view to promote economic activities and generate new employment.
PIAF chairman Mian Nauman Kabir, in a joint statement with vice chairman Javed Siddiqi, termed the package announced by the PM for construction sector as historic, saying it would prove a turning point for the economy, besides providing financial flexibility to the low income people for building their own houses.
Mian Nauman Kabir termed it a very commendable decision as it would prove highly beneficial for the country and steer the economy out of current difficulties towards better recovery and growth. It is good news for the business community that the PM has extended the fixed tax regime for the construction sector for one and the facility of non-disclosure of source of income for six months.
He said that this was takeoff time for construction industry, hence needed a comprehensive strategy to get more benefits from this government tax relief package. He also lauded the current tax relaxation to the construction industry and said this would promote market liberalization in this sector. The market regulation and liberalization would help promote growth in construction industry, he said, adding that this would give opportunity to the new investment and job opportunity in this sector. He said that the entire industry in Pakistan needs more tax liberalization to compete to other competitors in region and create more employment opportunities in country’s economy.
Mian Nauman Kabir added that the housing sector-like historic incentives for all industrial sectors would prove a turning point for the economy, besides providing financial flexibility to the low income people.
He said that government has already declared construction sector an industry as it had huge demand of up to 70 associated industries. He added that the move would add the positive impact to the country’s economic health when the same relief would be provided to those allied industries.
PIAF vice chairman Javed Siddiqi said the date for completion of construction projects had also been extended, which would allow people to invest in the construction sector without disclosing the source of income.
In the current situation, when whole global economy is in recession, the government has taken good steps to announce package for construction industry by providing it concessions and tax relations, he said adding that the same incentives for other allied industries will lead to a revolution in the economy of the country.
Javed Siddiqi said that he could see long-term effects of this pragmatic decision and said that in recent situation, it would uplift investments in property and construction sector and re-open huge potential for new investment.
He said that ultimate impact of these tax relaxations would leave good impact on the sector, which not only open up opportunities but also activate the circle of 70 others allied industries. PIAF leaders said that construction of high rise building and other big projects would also promote growth and investment.