Karachi, June 07, 2023 (PPI-OT): FPCCI acknowledges that Prime Minister Mian Shehbaz Sharif and Finance Minister Ishaq Dar have always supported the business community in playing their indispensable part in the economic growth of Pakistan. Construction Industry in Pakistan has had one of its worst years in history during FY23 due to the Political Turmoil and Economic Uncertainty and, 80% of the ongoing projects could not be completed.
As a result, the construction Industry has suffered enormous financial losses and workers had to endure unemployment during excruciating inflation. There are serious concerns that the construction industry would have to face legal cases coupled with unbearable litigation costs and delays; if they are not facilitated by the government to complete their ongoing projects.
Construction Industry’s significance lies in the fact that it is the largest employer of skilled and semi-skilled workforce in Pakistan; and, it makes 60 allied industries and sectors to flourish when it is operating profitably and construction activities are in an expansionary mode.
It is pertinent to note that Section 100-D was highly appreciated by the construction industry and resulted in a significant increase in tax revenue. Therefore, FPCCI strongly demands that the validity of Section 100-D of the Income Tax Ordinance should be extended by one year in the upcoming budget for FY24.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
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