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KARACHI: Builders and Developers associated with the construction industry in Karachi has appreciated Prime Minister Imran Khan’s positive step towards providing a hefty assistance to this sector in form of tax relief.
Earlier this month, PM Khan has announced an incentivized package for the construction industry with an aim to create a pool of employment opportunities in the wake of the deadly spread of coronavirus which has grasped the entire country.
Senior Member of Association of Builders and Developers (ABAD), Syed Altaf Hussain while praising the decision of the prime minister in this regard also said that by fixing the tax matters, investors and builders would get a huge relief.
Altaf also said that it is also a sign of good gesture that investors would not be asked about their source of income at the time of making investment in any project.
By lifting the withholding tax from all sectors, with exception of steel and cement industry, builders in the city would certainly come back to their actual position and can restore their financial setbacks timely, senior ABAD member added.
While talking to ‘The News Vision’, Altaf further said that with this exorbitant tax exemption initiative, prime minister should also look ahead in extending the deadline of this relief from Dec 2020 till further period of time because due to the rising cases of coronavirus, a very large portion of our population is facing sever hunger crisis and unemployment.
At the instant time, it is the need of the hour to bringing stability in the economy of the country by providing ample of jobs to the labors. By extending the deadline duration of tax relief, builders would surely reach to that position where they can easily pay-off wages to their staff, settlement of their own liabilities and can bring an immediate halt to downsizing, Altaf said.
Moreover, ABAD member once again appealed to the Prime Minister Imran Khan that other core issues of the construction industry which are still unresolved since long time needs to addressed with a rational solution without further delay. He highlighted few of such issues which are:
- Continuous illegal construction.
- Construction by private people without proper NOC’s and documentations.
- On and off ban on high rise buildings.
- Many construction projects / cases are pending that needs to be finalized as soon as possible.
- The NOCs approval process from federal and provincial government should be made easy because it takes months to get an approval and the deadline has already been given DEC 2020, so fast track NOC approval should be done for builders.
- Easy Facilitation Process of House Building and Finance Corporation for loans approval.
- Leniency in the routine matters related to FBR policies for builders.
- Allotment of areas for new construction in the outskirts of Karachi along with the provision of all basic amenities including gas, water, electricity by the government. ABAD can surely built very low cost affordable houses in that new housing city.
- Taking on Board senior management of ABAD during the time of any proposals or meetings by the federal government.
- Role of Sindh Building Control Authority should be made much clear and transparent.
- Immediate action against the encroachments and whoever involved in illegal construction.
Senior ABAD member also requested PM Khan to extend the project completion time as within two years, projects cannot be completed in an organized way. The long term projects needs proper allocation of time and planning to get ready for final buyers.
Altaf also said that the new initiative taken by the federal government to assist the construction sector would definitely play a vital role in creating many employment opportunities and will help the builders and developers to provide bread and butter to its labor without any apprehension.