Tax reductions, affordable mortgage schemes, and streamlined regulatory processes are essential for growth
PESHAWAR
Sarhad Chamber of Commerce and Industry and Businessman Forum emphasized a comprehensive relief package to revive the construction industry which is major source of direct and indirect employment for a large number of people, but it has been witnessing a rapid decline in the construction industry-growth owing to imposition of tax by government and harsh steps.
SCCI President Junaid Altaf, senior vice president Muhammad Nadeem and vice president Sabir Ahmad Bangash along with executive committee, and Businessman Forum Leader and former FPCCI president Ghazanfar Bilour in a joint statement here on Saturday stated that imposition of 10 percent advance tax on construction industry had brought the construction industry on verge of destruction, it must be abolished forthwith.
The senior office bearers said the construction industry has played a pivotal role in employment generation, and it is highly necessitated to war-footing steps to revive this employment-driven industry by abolishment of irrational and unjust taxes on it.
With the potential to unlock billions of dollars in investments and create millions of jobs, the revival of the construction industry is vital for Pakistan’s economic recovery, Junaid Altaf stressed.
Furthermore, he asserted that supportive government policies will play a crucial role in unlocking the full potential of the construction industry.
Tax reductions, affordable mortgage schemes, and streamlined regulatory processes are essential for creating an environment conducive to growth, SCCI chief remarked.
Ghazanfar Bilour, Businessman Forum leader stated that the construction sector’s resurgence will have a far-reaching impact, invigorating a wide range of industries such as cement, steel, ceramics, real estate, and IT solutions.
The BF leader said the core construction materials, energy providers, interior finishing, and smart technology are just a few examples of the 72 interconnected industries poised to thrive alongside a revitalized construction sector.
This interconnected network will generate a multiplier effect, strengthening Pakistan’s economic foundation and ensuring long-term resilience, Mr Bilour said.
The SCCI chief said that the revival of Pakistan’s construction industry is not just a sectoral priority, it is a national imperative.
Its growth will eliminate unemployment, boost industrial output, and enhance the quality of life for millions of Pakistanis, he added.
The SCCI and BF urged the policymakers, industry leaders, and stakeholders to collaborate to advocate for reforms that will rejuvenate this critical sector and capitalize on the opportunities in this crucial industry.
