RAWALPINDI: General Secretary of RECA Adil Nawaz Bhatti has said that Without reducing the interest rate, the dream of driving the economic wheel in the country will not be fulfilled.
Tax culture has to be promoted in the country for which tax reforms have to be brought. Budget 23-24 did not introduce any incentives for filers. Adil Bhatti said that the A significant reduction in withholding tax is necessary for the filers to attract non-filers to the tax net.
100% increase in withholding tax on non-filer is unfair. 0.6% tax on cash withdrawal from banks is tantamount to cruelty to the poor man. It needs to be reduced. The package announced for overseas Pakistanis is incomplete. The $100,000 per year restriction should also be removed or significantly increase the limit.
Adil Bhatti said that Overseas Pakistanis should also be given the facility to take some of the foreign exchange back to when and wherever they require. The document presented by Real Estate Consultants Association DHAI-R to finance ministry should be made a part of the budget in its entirety otherwise It will not be possible to achieve the revenue goals set for the real estate and construction industry.
The proposals presented by RECA DHAI-R in the Ministry of Finance have to be taken seriously. The real estate sector is the only way to immediately support the country’s economy in the current situation. Introducing the suggested schemes in the real estate and construction sectors can bring immediate direct investment into the country, which will also directly benefit local industries and help to eliminate unemployment and economic instability.
