KARACHI: Asif Sumsum, Chairman sociation of Builders and Developers of Pakistan (ABAD) has expressing his concern has said that the burden of more taxes on the construction industry in the budget 2024-25 will shift remittances to other countries and the local industry will be destroyed, resulting in the unemployment of millions of people in the country and the loss of homes to millions of poor families.
Asif Sumsum said that the main responsibility of the government is to protect local industries and provide employment to citizens. The government should provide protection to the local industries to prevent the increase in unemployment in the country. Chairman ABAD said that a large part of the foreign exchange sent by Pakistanis living abroad is invested in the construction industry. He said that if the government puts the burden of additional taxes on the sector, the foreign exchange coming to Pakistan will go to other countries. He said that the construction industry is an important part of our economy, which plays an important role in providing employment and economic stability. Additional taxes not only discourage investment but also threaten the survival of hundreds of businesses involved in this sector. Asif Sumsum said that a stable and thriving construction industry is needed to ensure investment and economic growth. Chairman ABAD said that if we harm our industries, the country can never develop again, nor can we get rid of the IMF. The additional taxes levied to save the state sector from destruction should be withdrawn immediately and action should be taken against the advisors who imposed additional taxes on this important sector of Pakistan. Construction industry is the backbone of Pakistani economy, harming this sector is tantamount to conspiracy against Pakistan.
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