{"id":62175,"date":"2020-03-02T16:00:18","date_gmt":"2020-03-02T11:00:18","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=62175"},"modified":"2020-03-04T09:38:50","modified_gmt":"2020-03-04T04:38:50","slug":"pbif-proposes-tax-vacant-plots-tax-breaks-builders","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pbif-proposes-tax-vacant-plots-tax-breaks-builders.html","title":{"rendered":"PBIF proposes tax on vacant plots, tax breaks for builders to resolve housing shortfall"},"content":{"rendered":"\n<p>Lahore: Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain proposed the imposition of <a href=\"https:\/\/www.zameen.com\/news\/fbr-amend-law-recover-unpaid-taxes.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"taxes (opens in a new tab)\">taxes<\/a> on vacant plots to promote construction, adding that builders should get tax breaks to boost the construction of plazas to tackle the shortage of housing, according to news sources.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/cda-forms-committee-to-resolve-issues-faced-by-construction-industry.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"CDA forms committee to resolve issues faced by construction industry (opens in a new tab)\">CDA forms committee to resolve issues faced by construction industry<\/a><\/p>\n\n\n\n<p>Hussain stated that the\nconstruction industry \u2013 once considered to be immune from recession \u2013 is\nplummeting owing to various reasons including high taxation, heightened raw\nmaterial prices and the FATF. These taxes include soaring DC rates withholding\ntax and capital gain tax etc. Likewise, $5 billion are poured in the\nconstruction sector annually and it supplants 43 allied industries, ensuring\nprovision of jobs to millions and contributes to GDP, he said, reportedly.<\/p>\n\n\n\n<p>As per the reports, he maintained that lack of proper <a href=\"https:\/\/www.zameen.com\/forum\/answers\/buying_property\/why_we_need_to_have_property_tax_on_vacant_plots_in_pakistan_-33018.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"regulatory framework (opens in a new tab)\">regulatory framework<\/a> also leads to fraudulent activities by shady individuals. This was depriving the masses off their valuable savings. Thus, posing a threat to the real estate and construction sector.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/icci-urges-fbr-to-not-take-action-against-construction-industry.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ICCI urges FBR to not take action against construction industry (opens in a new tab)\">ICCI urges FBR to not take action against construction industry<\/a><\/p>\n\n\n\n<p>Hence, the solution\nlies in devising appropriate regulatory mechanism to secure the interest of\nmasses, increase employment opportunities and tax the sector relative to its\npotential, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain proposed the imposition of taxes on vacant plots to promote construction, adding that builders should get tax breaks to boost the construction of plazas to tackle the shortage of housing, according to news sources. Read: CDA forms committee to resolve issues faced by construction industry Hussain stated that the construction industry \u2013 once considered to be immune from recession \u2013 is plummeting owing to various reasons including high taxation, heightened raw material prices and the FATF. These taxes include soaring DC rates withholding tax and capital gain tax etc. Likewise, $5 billion are poured in the construction sector annually and it supplants 43 allied industries, ensuring provision of jobs to millions and contributes to GDP, he said, reportedly. As per the reports, he maintained that lack of proper regulatory framework also leads to fraudulent activities by shady individuals. This was depriving the masses off their valuable savings. Thus, posing a threat to the real estate and construction sector. Read: ICCI urges FBR to not take action against construction industry Hence, the solution lies in devising appropriate regulatory mechanism to secure the interest of masses, increase employment opportunities and tax&hellip;<\/p>\n","protected":false},"author":77,"featured_media":29647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013,15015,15017],"tags":[21582,6505,21580,21581],"persona":[],"class_list":{"0":"post-62175","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"category-legal-taxation","9":"category-notices-announcements","10":"tag-housing-crisis","11":"tag-icci-urges-fbr-to-not-take-adverse-actions-against-construction-industry","12":"tag-pbif","13":"tag-tax-breaks","14":"cat-15013-id","15":"cat-15015-id","16":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PBIF proposes tax on vacant plots, tax breaks for builders - Zameen News<\/title>\n<meta name=\"description\" content=\"Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain proposed the imposition of taxes on vacant plots to promote construction, adding that builders should get tax breaks to boost the construction of plazas to tackle the shortage of housing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pbif-proposes-tax-vacant-plots-tax-breaks-builders.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PBIF proposes tax on vacant plots, tax breaks for builders - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain proposed the imposition of taxes on vacant plots to promote construction, adding that builders should get tax breaks to boost the construction of plazas to tackle the shortage of housing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pbif-proposes-tax-vacant-plots-tax-breaks-builders.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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