LAHORE: The Federation of Pakistan Chambers of Commerce and industry (FPCCI) Friday demanded that the government reduce the taxes under Section 236C and Section 236K to only 1 percent to revive the construction sector.
Addressing a press conference at the FPCCI Regional Office here, Regional Chairman and Vice President Zaki Aijaz and Patron-in-Chief of the United Business Group (UBG) S.M. Tanveer demanded that the government reduce the taxes under Section 236C and Section 236K to only 1 percent to revive the construction sector.
One percent should be paid by the buyer and one percent by the seller. Additionally, 1 percent stamp duty and 1 percent TMA charges should apply, making the total cost only 4 percent, they suggested.
They requested the government to increase the mortgage finance limit from Rs2.5 million to Rs10 million and abolish various categories of filers.
They also called for the immediate abolition of Sections 7E and 7F. They said the prime minister was expected to announce a package for the construction sector, which was a welcome development.
They urged the government to implement deep fiscal reforms immediately to prevent the complete collapse of the construction and housing industries.
They described the construction and housing sector as the “backbone of the national economy” and emphasized that immediate fiscal reforms were essential to unlock investment and prevent the outflow of capital abroad.
