Senator Muhammad Talha Mahmood, Federal Minister for States and Frontier Regions, suggested on Thursday that taxes on real estate and construction be rationalized to promote greater growth and assist recovery of the economy.
He emphasized the need for creating favorable policies for the building industry, which plays a critical role in economic growth.
According to a press release of the “ICCI Pakistan Property, Housing and Construction Expo 22.”, the Senator stated that Pakistan needed a business-friendly climate and industrialization development to solve its existing economic issues.
He also underlined the need of developing economic policies in collaboration with the business community in order to make them more productive and result-oriented.
Speaking on the occasion, Muhammad Shakeel Munir, President of the ICCI, stated that the construction sector was critical to the country’s economic development since it supports the growth of over 70 businesses.
He advised the federal government to provide this industry full assistance in order to overcome the present economic issues.
Additionally, it was highlighted that Pakistan needed more than 1.2 million housing units annually to fill the growing housing need caused by the country’s growing population.
