Government asked not to destabilise construction industry

Islamabad, July 24, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Sunday asked not to destabilise construction industry which is supporting dozens of allied industries and providing jobs to millions. Traders will resist any changes in the property tax mechanism as it will fan corruption damaging the real estate sector, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

In a statement issued here today, he said that amnesty scheme should not be announced for the builders and developers as it will send a negative signal while DC rates can be reviewed for fare price. Shahid Rasheed Butt said that economy is not performing well, exports and investment is falling since years and political situation is far from satisfactory, therefore the construction sector which is performing well should not be targeted.

He said that Pakistanis are already investing billions in property markets of Dubai and Malaysia and they recent steps of the government will not only discourage investment but result in flight of the capital which is against the national interests. Over half of the country’s economy is undocumented which should be targeted and not the sector which is performing well and already paying taxes, he demanded.

He said that builders and developers negotiated fixed tax for four months with FBR authorities and their demands were accepted in the end but now government has taken a U-turn which is not acceptable. He asked the government to support construction industry and demanded that buyers of under construction houses and flats should be dealt according to the previous law.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174