ISLAMABAD, Apr 04 (APP):The Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the incentivized package for construction sector by Prime Minister Imran Khan in addition to giving it an industry status and resuming its activities from 14th April 2020 as it would boost business and economic activities in the country and reduce unemployment.
Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry said imposition of heavy taxes on real estate sector had badly affected its business activities and hoped that the relief package would give boost to construction projects in the country.
He said the growth of around 65-70 allied was linked with construction industry and added that providing tax relief and introducing fixed tax system in this sector would accelerate the business activities of all related industries in the construction field.
The ICCI president said due to tax issues and other problems, a lot of money had flied out of construction sector.
However, he said under the relief package, the advantage of not asking about source of income from those would invest this year in this sector would bring back a great amount of capital and help in uplifting the economy.
He said introducing fixed tax regime in construction would also promote investment in this sector as this fixed tax system would give more confidence to the investors and reduce their tax issues.
He said setting up Construction Industry Development Board would help in better growth of this important industry and reduce its major issues.
He urged that the government should also lift withholding tax from steel and cement sectors that would reduce construction cost and help people in building their own houses with more ease.
Tahir Abbasi Senior Vice President and Saif ur Rehman Khan Vice President ICCI said that thousands of people were earning wages from the construction industry hailed the PM’s relief package for construction industry as it would revive the stalled business activities and reduce unemployment from the country.