KARACHI: Federal Tax Ombudsman (FTO) Dr Asif Mahmood Jah has committed to prioritising and resolving tax-related challenges faced by the Association of Builders and Developers (ABAD), emphasising the critical role of the construction sector in Pakistan's economic development.
During a meeting at ABAD House, Dr Asif Mahmood highlighted the sector's substantial economic contributions, noting that construction activities provide employment to millions and generate trillions in tax revenue. He pledged to appoint an ABAD representative as an advisor to the FTO, resolve tax-related complaints promptly and treat taxpayers with respect and dignity
In 2023, the FTO processed 8,963 complaints, successfully resolving 8,000 of them. The ombudsman encouraged ABAD members to file formal written complaints for expedited resolution.
ABAD Chairman Hassan Bakhshi criticised the Federal Board of Revenue's (FBR) monitoring policies, arguing that repeated summons to builders and developers harm the national economy.
He referenced a State Bank of Pakistan report highlighting the sector's economic significance, including overseas Pakistanis remit $30 billion annually, 54% of these remittances are invested in real estate and construction and additional tax burdens like federal excise duty discourage foreign investment
The meeting underscored the need for a balanced approach to taxation that supports the construction sector's growth and economic potential.
Copyright Business Recorder, 2024
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