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Tuesday, October 19, 2021

PM directs CCP to stop increase in prices of raw construction materials

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Prime Minister Imran Khan directed that the Competitive Commission of Pakistan should play an active role to end tendencies of the making of cartels and to stop the unrealistic increase in prices of raw materials related to the construction industry.

Chairing a meeting in Islamabad, he said that the government is ready to give industry status to the construction sector and directed the relevant authorities to take immediate steps to ensure its implementation. Over 40 industries are attached to the construction industry, he said.

Prime Minister Imran Khan chairs meeting regarding promotion of construction sector at Islamabad
Prime Minister Imran Khan chairs meeting regarding promotion of construction sector at Islamabad

The prime minister said that the promotion of the construction industry would accelerate economic and business activities in Pakistan. He said that the promotion of the construction industry is the topmost priority of the government as this sector would accelerate economic activities and create more jobs for the residents.

After getting the industry status, the construction sector would also get all those facilities that were offered to other industries. He said that the government is aware of the problems being faced by the people due to financial difficulties and all possible efforts were afoot to accelerate economic and business activities in the country.

FUTURE POLICY OF FIXED INCOME TAX

Informing the prime minister about the progress of the government efforts regarding promotion of the construction sector, Adviser on Finance Dr. Abdul Hafeez Shaikh said that sufficient progress had been made to address related problems of the sector after meetings with the Association of Builders and Developers (ABAD) and other related people.

Prime Minister Imran Khan says over 40 industries are attached with the construction industry.
Prime Minister Imran Khan says over 40 industries are attached to the construction industry.

The meeting was told that consensus had been made about the future policy regarding fixed income tax while the government had already made its policy about the construction of the high-rise buildings and was also endorsed by the cabinet in its last meeting. About the valuation table, the meeting was told that the Federal Board of Revenue would appoint a regional valuation committee next week in which representatives of ABAD and real estate would be included.

The government has already made its policy about construction of high-rise buildings
The government has already made its policy about the construction of high-rise buildings

COMPLIANCE REGIME SYSTEM

These committees would also decide about categories of the areas. The prime minister directed the finance adviser to request the superior judiciary to constitute a special bench for quick disposing of pending cases regarding real estate and construction sectors. The prime minister was agreed to a proposal to promote a system of compliance regime instead of no-objection certificates (NOCs).

To a proposal about the provision of the state land for construction purposes, Imran Khan said it is an important part of the government policy to utilize properties of the government departments for construction purposes, especially for low-income people. He agreed with a proposal to include ABAD representatives in regulatory bodies related to the construction and it would be started from the Capital Development Authority in the capital.

The finance adviser informed the meeting that the government in the first phase had allocated Rs 25 billion to the Pakistan Housing Authority for promoting the construction sector. The meeting was attended by Dr. Abdul Hafiz Shaikh, Naya Pakistan Housing Authority Chairman Anwar Ali Haider, ABAD representative Muhammad Hassan Bakhshi and senior officials.

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Staff Writerhttps://www.thewallet.com.pk
The Wallet Team produces these stories.
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