President Junaid Altaf stresses changes in excessive taxation to fully transfer benefits of the program to targeted communities.
PESHAWAR
Sarhad Chamber of Commerce and Industry while praising the government over its launching of the low-cost housing finance scheme, asserted that reforms in property taxation, transaction costs, and regulatory procedures to fully transfer the benefits to the targeted communities.
The chamber furthermore attributed excessive taxation under section 236K and 236c, high stamp duties, Capital Value Tax (CVT), Capital Gains Tax (CGT) along with multiple government key factors behind the rapid decline of the real estate sector.
Junaid Altaf, president of the chamber in a statement on Friday hailed the launching of PM Apna Ghar Program – Ghar Ho to Apna, calling it a positive move toward increasing house ownership, supporting low and middle income households, especially boosting construction-related economic activity.
The SCCI chief said revival of the real estate sector is imperative for accelerating industrial activities, economic stability and growth that would generate employment opportunities and attract investment in the private sector.
President Junaid Altaf suggested the low-cost housing initiative should not be restricted to financing mechanisms but it should be aligned with broader urban planning, zoning, infrastructure development, and sustainable city management policies.
Furthermore, he proposed the Apna Ghar Program be aligned with the modern urban planning framework, including the provision of basic infrastructure, road connectivity, water supply, sanitation systems, green spaces, and integrated community facilities to ensure long-term sustainability of the housing development.
SCCI chief while highlighting the importance of the construction sector in economic growth and called for pragmatic steps for revival of this crucial industry to generate large-scale employment opportunities, improve economic circulation, stimulate industrial demand and increase documentation of the economy and support broader economic recovery.
President Junaid Altaf also raised major concerns regarding the excessive taxation, complex taxpayers categorization, calling for corrective measures and changes to take full benefits by the targeted communities under the housing finance program.
SCCI leadership demanded introduction of a centralized Litigation Management System (CLMS), strengthening of Alternative Dispute Resolution (ADR), digital monitoring and tracking of tax cases, institutional focus on reducing unnecessary litigation and greater accountability in legitimation management.
The chamber president called for rationalization of sections 236K and 236C of the income tax, dropping it flat 1 percent, and abolishment of Section 7E and recommended it be capped at 1 percent each across all property categories and valuation slabs to reduce transaction costs and encourage formal market activity.
He also emphasized the mortgage financing limit under Apna Ghar Scheme be enhanced from the threshold to Rs30million with minimal facilitative markup rate, announcement of special incentives for construction industry of KP, alignments of housing policy with revival of construction sector, prevention of slums and unplanned settlements, integration of housing policy with urban planning.
