The best option was exercised for economic revival, job creation, Economic activity requires soft regulations
Karachi (Pakistan Point News - 06th April, 2020) FPCCI’s Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said business community fully supports to package for construction sector.
The government has opted for best option to revive forty related industries and provide jobs to hundreds of thousands of people, he said.
Mian Zahid Hussain said that the package can be improved by reducing taxes on steel and cement industry and improving rules and regulations.
Talking to the business community, the veteran business leader said that some elements have started baseless propaganda against the package because they are unaware of the ground realities.
The former minister noted that the rules and regulations governing construction should be improved as it provides developers a chance to exploit masses.
He said that the real estate sector has remained one of the favourite area to park black money and whiten ill-gotten wealth, the package will also give relief to tax cheats and increase the volume of undocumented economy but there was no other option available.
He said that giving tax incentives and insulating construction sector from tax and other departments will boot it therefore the government should accept the demands of the business community to offer such incentives to other sectors.
Mian Zahid Hussain said that the economy cannot grow in a choked environment in which taxpayers are subjected to harassment by government officials.
He said that the government is in the IMF programme and FATF is also monitoring the situation and it is hoped that international institutions will cooperate at this critical juncture.