ISLAMABAD: Association of Builders and Developers (ABAD) Chairman Mohsin Shekhani has said that the government should make 10 to 15 years policy for the real estate sector.
“We support the government’s tax collection measures as no country could meet its development needs and day-to-day expenditures without collection of taxes. The government, in consultation with the real estate sector, has set a tax collection target which will surely be achieved,” he said.
Shekhani said that a tax collection of Rs 18.5 billion was realized under different heads during the last five months, adding that a total of Rs 22.5 billion revenue is expected to be collected up to June 30, 2017.
During an exclusive interview with Customs Today, Shekhani said the jump is more than six times and it is through combined efforts of the FBR, Ministry of Finance, ABAD and all stakeholders. The revenue can further increase up to Rs 6 billion per month from this real estate sector. If government does not take advantage of our expertise or take the stakeholders in confidence and make decision according to their own wishes and visions, then this will be totally time waste and economy could suffer and foreign investment can be stopped.
In response to a question, he said income tax officials have created atmosphere of fear among business community by raiding offices of many builders in Karachi during last few months, which is now stopped due to efforts of ABAD but they have not returned the records of builders yet.
He cautioned that the economy relies on enhanced business activities and highhanded practice will force businessmen to look at other possibilities of investment and capital flight from Pakistan may start.
He further said the construction industry is providing 2.6 million jobs and if given incentives it can go up to 5 million job. Jobs will be created in more than 72 allied industries.
He said ABAD has announced a social Project in Islamabad which will be launched soon. More than 50 percent of our population is residing in slums, unplanned colonies generally known as katchi abadis, which is shameful for our country as well as creating law and order situation in the country. This is the reason ABAD has embarked on low cost housing.
