ICCI hails PM’s incentive package for real estate sector

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ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has lauded Prime Minister Imran Khan for announcing an “incentive package” for the construction industry, saying that the package would help attract massive investments in the country.

“Resumption of construction activities from 14th April will boost businesses and economic activities and reduce unemployment in the country,” said ICCI President Muhammad Ahmed Waheed in a statement on Saturday. “Relaxation in different taxes for the industry will also uplift investor confidence.”

He noted that the growth of around 65-70 allied sectors was linked with the construction industry, saying that introduction of a fixed tax system 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 flown out of the construction sector.

However, he added, under the relief package, the advantage of not asking about source of income from those who would invest this year would bring back a great amount of capital and help in uplifting the economy.

He suggested the government to establish a ‘Construction Industry Development Board’ for early redressal for all major issues faced by the industry.

He also urged the government to lift withholding tax from steel and cement sectors, as that would reduce construction cost and help people in building their own houses.

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