RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) lauded the concession package for the construction sector announced by Prime Minister Imran Khan.
RCCI President Saboor Malik in statement, said that business community welcome the initiative for construction sector to get industry status and setting up a development board.
“This was the longstanding demand from business community to revise the property valuation. We are happy that the tax rate has been reduced to 2%. Capital gain tax exemption should be increased from one year to five years,” he added.
The scope of the concession package should also be extended to all trades, manufacturers and other sectors. The package has sent a positive message among the business community and this also averted the risk of large unemployment amid Corona virus breakout.
We have positive vibes, and hopefully the results will be good and the governments will extends the concession package, RCCI Chief remarked.
He said, the package will work as a catalyst and ultimately the tax collection will be increased and it will help attract new taxpayers.
He said that trading activities were completely halted due to Corona virus. The given package will increase activities after lock-down. We are very optimistic about increase in foreign investment and more jobs will be created, he added.
The President Chamber said that the establishment of the Real Estate Development Board is commendable; the Chamber should also be represented on the Board. Mutual consultation will facilitate better policy-making and decision making. He demanded that cement and steel is an integral part of the construction industry and that the concession of withholding tax should be extended to steel and cement sector too.
In order to maintain economic growth and keep trading activity alive, the concession package must be extended for five years, he suggested.
With more than seventy industries are linked with the construction industry, the proposed package will drive the industry, and the country on the prosperity, he added. In addition allied sectors like transport and hotels, electric appliances, sanitary, marble, hardware, furniture and plastic should also be made part of this concession package, he demanded.