Mr. Zubair F. Tufail, President FPCCI has urged that the “Ban on the construction of Multi Storied Buildings should be lifted”. He further added that Building and Construction industry is the second largest industry of Pakistan and despite the depleting industry B&C is one sector which is booming, and there are 72 industries associated with it that may be affected due to the problems of Builders & Constructors.
Vertical growth of buildings is taking place all over the world and Pakistan should be no exception. This restriction on construction is harmful to the industry, we have to find middle course to cope up with difficulties we have.
ABAD has requested Federation of Pakistan Chambers of Commerce & Industry the apex trade body to take up the matter of Fixed Tax Regime (FTR) with Federal Board of Revenue (FBR) and the Ministry of Finance for the revision of FTR on developers and builders announced in the Budget 2017-18 and we fully support them.
As builders and developers were brought into Fixed tax Regime in the last budget, therefore minimum tax on them u/s 113A & 113B of the Income Tax Ordinance 2001 was deleted in 2016-17.
Sources said that the revenue generated from developers and builders is not the same as projected in 2016-17. Therefore, budget-markers are analyzing the data and other proposals for taxation of developers and builders based on the performance of four months and FTR should be extended for at least 5 years initially.