ICCI and CAP demand rationalization of high taxes on construction industry
ISLAMABAD ( Web News )
A delegation of the Constructors Association of Pakistan (CAP) led by its Chairman Engr. Syed Ashfaq Hussain visited the Islamabad Chamber of Commerce and Industry (ICCI) and highlighted the issue of high taxes on the construction industry due to which this industry is facing a lot of problems in promoting construction activities. Engr. Sikandar Hayat Khattak former Chairman CAP, Malik Muhammad Azim Member Advisory Council, and others were in the delegation.
Addressing the delegation, Engr. Azhar ul Islam Zafar, Acting President, Islamabad Chamber of Commerce and Industry said that the construction industry plays a key role in the economic development of the country as the business activities of around 70 allied industries are associated with the construction sector. However, the imposition of high taxes on this industry has badly affected its growth, discouraged new investment, and caused a slowdown in the overall economy.He said that the cut in taxes on this industry can attract investment of billions of dollars to the country and stressed that the government should rationalize taxes on this sector in consultation with stakeholders, withdraw tax on deemed income on immovable property, and create a conducive environment to spur the economic growth of the country.
Speaking on the occasion, Engr. Syed Ashfaq Hussain, Chairman, Constructors Association of Pakistan said that many Overseas Pakistanis are interested in investing in the construction sector, but heavy taxes are discouraging them. He emphasized that the government should reconsider taxes on this sector and offer more attractive incentives to this industry to boost foreign investment in the country. He said that the government can take the country’s economy from recession to sustainable development by focusing on the real estate and construction sector.
Engr. Sikandar Hayat Khattak former Chairman CAP, Malik Muhammad Azim Member Advisory Council, and other members of the delegation also spoke on the occasion and underscored the need to reduce taxes on the construction industry to revive the economy.