ABAD welcomes Ordinance

KARACHI:  Association of Builders and Developers of Pakistan (ABAD) on Friday welcomed the federal cabinet’s approval to an ordinance for the construction industry, a statement said.

ABAD Chairman Mohsin Sheikhani said that this step of Prime Minister Imran Khan is historic for the development of the national economy.

The construction industry is considered as the backbone of the economy across the world and this industry in Pakistan is the second largest job provider after agriculture, he said.

The prime minister has proved himself as a visionary leader by announcing the historic package for this industry because he had always advocated importance of the construction industry.

According to the ordinance, Sheikhani said that people will not be asked for the source of income for purchasing first home, no capital gains tax on selling home, no inquiry for investment in construction, status of industry to construction sector, fixed tax regime for builders and developers, 90 percent tax relief for investment in Naya Pakistan Housing Scheme, which will surely boost the economic activities in Pakistan, strengthen economy and create job opportunities for thousands of skilled and unskilled workers

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