Islamabad: Islamabad Chamber of Commerce and Industry (ICCI) Senior Vice President Tahir Abbasi has said that the prime minister’s construction sector relief package has come as the ‘answer to realtors’ longstanding demands’, a new source reported. Additionally, he has requested the government to waive the withholding tax (WHT) on cement and steel; since these materials are crucial to the sector’s functioning.
Abbasi shared these views while speaking to a delegation of traders headed by Trader Action Committee Secretary Khalid Mehmood Chaudhry. He further emphasised that the government’s decision to announce the relief package amid the country’s going COVID-19 lockdown situation was a good step towards providing jobs to scores of daily wagers who have been left unemployed in the pandemic’s wake.
Abbasi also appreciated the incentives given to the parties considering investments in projects launched under the Naya Pakistan Housing Programme (NPHP); stating that these would accelerate the pace of work rendered to develop these projects. He further remarked that removing WHT on cement and steel would decrease the construction costs of real estate projects, providing further ease to people looking to build their houses, he added.
The ICCI senior vice president also commended
the government for setting up the Construction Industry Development Board; remarking
that it would pave the way for growth in the construction sector. He expressed the
hope that the announced incentives would serve to boost economic activity in 40
industries allied with the construction sector and bring poverty levels down.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
