Saturday, November 2, 2024

ABAD approaches court against excise duty

Newly elected Chairman of the Association of Builders and Developers (ABAD), Muhammad Hasan Bakhshi, has announced that ABAD has taken legal action against the Excise Duty (ED) imposed on builders and developers for property purchases. He described the excise duty as completely unjust and inappropriate.

Muhammad Hasan Bakhshi clarified that the Federal Excise Tax (FET) is typically imposed on luxury items or industrial products. Applying this tax to basic needs like houses or apartments is entirely unreasonable, he said.

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The newly elected chairman ABAD emphasized that they will now present their case in court and are hopeful of a favorable decision.

Bakhshi also mentioned that they had repeatedly appealed to the government to abolish this excise duty, but no action has been taken so far.

The chairman ABAD expressed concern over the continuous decline of the construction industry, attributing it to the imposition of such taxes. He warned that people are transferring their investments to Dubai due to these issues. He stressed the need to stop this outflow of capital and encourage people to reinvest in Pakistan.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.
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