Overseas Pakistanis: ABAD seeks wealth statement exemption

The Association of Builders and Developers of Pakistan (ABAD) has proposed that the Prime Minister's package for revival of the construction industry and real estate sector to be announced in 1-2 days, must exempt overseas Pakistanis from filing wealth reconciliation statement if they purchase newly buildup property for the first time in Pakistan.
According to the proposals submitted to Hafeez Sheikh, advisor to the prime minister on revenue, by the ABAD, the association has submitted a set of recommendations for urgent revival of the housing and construction industry.
The ABAD is the sole representative body of builders and developers in Pakistan, and being the second largest sector to provide employment to a large number of skilled and unskilled persons in the country.
The prime minister's package for the revival of the housing and construction industry should incorporate the following proposals:
(a) Re-introduction of fixed Tax Regime for housing and construction industry.
(b) To encourage Pakistanis to own property, an individual who buys new build up property for the first time in Pakistan shall be exempted from submission of wealth reconciliation statement.
(c) Withholding tax may be exempted from construction industry.
(d) To bring down the cost of construction, sales tax and excise duty on construction material should be brought down to six percent.
(e) To kick start the economy bank rate of interest should be brought down to 6 percent.
(f) Cost of transfer of property shall be reduced to maximum of 2 percent. The federal and provincial governments must not charge more than one percent each on transfer of property.
(g) Housing and construction industry is not a service industry therefore should be taxed by provinces as services industry.
(h) Compliance regime should be established in Pakistan instead of NOC regime. All approvals should be through portals within 30 days.
(i) Private sector stakeholder may be taken on the governing bodies of regulatory authorities and utility agencies.
(j) The rate and period of capital gains tax shall be reduced. Capital gains tax shall be levied prospectively rather retrospectively.
(k) Supreme Court and High Court of provinces to dispose off cases regarding land and construction within 90 days by forming a special benches. The sanctity of allotment by the provincial governments and approval from the regulatory authorities shall be respected.
(l) Building height issues in the funnel areas of large cities of Pakistan to be addressed by Civil Aviation and Pakistan Air Force as per international practices.