Realtors plan to challenge ‘harsh’ taxes in court

Association of Builders and Developers of Pakistan (ABAD) chairman Asif Sumsum has announced to move the court against “heavy and unreasonable” taxes imposed on the construction industry and real estate in the federal budget 2024-25, terming it “very destructive” for the sector. In a statement, he said that after this budget, it has not only become difficult but impossible for the common man to build their house. “Can one say that a house built on 60, 80, and 120 yards is a luxury?” he questioned, adding that high taxes have stopped investment in the construction sector. It would “affect local industries” related to the construction sector and render millions jobless. “If the tax burden is not reduced, the investments made by overseas Pakistanis in this sector will be transferred to other countries, reducing the foreign exchange inflow,” he said.