KARACHI:The Association of Builders and Developers of Pakistan (ABAD) a country-wide body of over 700 members has expressed concern over the possible move of the Federal Board of Revenue (FBR) to abolish the fixed tax regime for builders and developers in the upcoming federal budget. <\/p>\n
This will discourage construction industry and again open the gates of corruption, which is not in the interest of businessmen and the country, according to a press release. <\/p>\n
ABAD Chairman Mohsin Sheikhani said ABAD members had deposited Rs150 million as 5% advance tax under the fixed tax regime in the past four months of current fiscal year, which reflected total fixed tax payment of Rs3 billion, while ABAD had committed that the sector would pay Rs2-3 billion. <\/p>\n
We also said last year that the construction sector was paying almost Rs80 million in minimum taxes, which would rise 10 times if a corruption-free fixed tax regime is allowed, he said.But before that, the FBR brought the issue of new property valuations, virtually blocking the wave of new construction for almost six months. We started getting NOCs for new construction from January 2017; had the FBR bureaucracy given us chance to work from first month of the fiscal year, we could have reached the fixed tax target, he said. <\/p>\n
ABAD members are involved in 25% of construction activities across the country while other players are responsible for 75% construction. He insisted that ABAD members were more than willing to pay taxes and the government should continue to collect fixed tax for at least three years. <\/p>\n
Published in The Express Tribune, May 17th, 2017. <\/p>\n
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ABAD fears abolition of fixed tax - The Express Tribune<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" KARACHI:The Association of Builders and Developers of Pakistan (ABAD) a country-wide body of over 700 members has expressed concern over the possible move of the Federal Board of Revenue (FBR) to abolish the fixed tax regime for builders and developers in the upcoming federal budget. This will discourage construction industry and again open the gates of corruption, which is not in the interest of businessmen and the country, according to a press release. ABAD Chairman Mohsin Sheikhani said ABAD members had deposited Rs150 million as 5% advance tax under the fixed tax regime in the past four months of current fiscal year, which reflected total fixed tax payment of Rs3 billion, while ABAD had committed that the sector would pay Rs2-3 billion Continue reading