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Construction Industry Faces Negative Impact after Taxes Imposed in Annual Budget

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Similar to other sectors, the growth of Pakistan’s construction industry is also badly affected by the tax imposed on the construction industry and real estate sector. Where the rising tax prices are hampering the construction sector, it is also contributing to unemployment as more and more construction firms are reducing resources.

The economy of Pakistan is directly connected to construction industry and its growth contributes largely to economy and helps out almost 50+ allied industries. The tax increments in the annual budget have affected this sector badly and Senate Standing Committee has requested the government Federal Board of Revenue to review the tax policy.

ICCI reported the hazardous effects of tax imposed on the construction industry and development sector of Pakistan and warned of the negative effects. Moreover, a 1% tax is also implemented for people who own more than one immovable property worth more than 25 million. The imposition of such heavy taxes will badly affect the industry in the real estate sector while creating unemployment and reducing the construction capability of the general public.

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