Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani, welcoming the approval of an ordinance for Construction industry by the Federal Cabinet, has said that this step of Prime Minister Imran Khan is a historic for the development of national economy.
The Chairman ABAD said that construction industry is considered backbone for the economy all over the world and this industry in Pakistan is the second largest job provider after the agriculture. He said that Prime Minister Imran Khan has proved himself as the visionary leader by announcing historic package for this industry because he has always advocated importance of construction industry. Sheikhani said that according to the ordinance people will not be asked for source of income for purchasing first home, no Capital Gain Tax on selling home, no inquiry for investment in construction, status of Industry to construction sector, Fixed Tax Regime for builders and developers, 90 percent tax relief for investment in Naya Pakistan Housing Scheme will surely will boost economic activities in Pakistan and strengthen national economy and create job opportunities for thousands of skilled and unskilled workers. Moreover, establishment of Construction Industry Development Board (CIDB) will ensure uniform laws for construction in Pakistan, which will create opportunity for ease of doing business and doors will open for local as well as foreign investment, he added.
Mohsin Sheikhan said that ABAD demanding such incentives since a long time as no one was giving due importance to construction sector.
But the present government of Imran Khan, through this historic package, has proved demands of ABAD were genuine. He again thanked the Prime Minister and his team and said that all sectors of economy will flourish under this government. He also appealed people, especially linked with construction industry, to follow directions of federal as well as provincial governments regarding corona pandemic.