ABAD members meet ASPM on Finance Abdul Hafeez Sheikh and put their demands before him, asking him for relaxation on tax and federal excise duty on building material.
ISLAMABAD: After rejecting number of demands made by Association of Builders and Developers of Pakistan (ABAD) regarding tax relaxations, the Federal government asked them to wait for next budget, the sources said here on Tuesday.
The sources said that the government made it clear to the builders that decision on concessions and relaxation of taxes would be made only in the next budget.
ABAD members, they said, held a meeting with Advisor to Prime Minister on Finance Dr. Abdul Hafeez Sheikh and put their demands before him that the heavy taxes had damaged their businesses.
However, the sources said that the rate of federal excise duty on construction material and rates of sales tax would remain the same till the next budget in 2020.
The businessmen gave various proposals as how to enhance and boost the property business and how to improve tax collection for the government. They asked the government to give relaxation on tax rates on property, building height restrictions in big cities like Karachi and asked for rationalization of property valuation.
After hearing the demands of the builders and constructors, Hafeez Sheikh said that the government would provide maximum possible support. “ All possible help will be provided to the sector by the government with equity, transparency and fair play,” he told the builders.
He asked the builders and constructors to refine their proposals before the next meeting. “Your demands will be considered but just wait for the next budget,” the sources quoted Sheikh as saying during meeting with the builders.
It may be mentioned here that heavy taxes on property and heavy rate on construction material have created a big problem for the builders.
