Sialkot: In a recent statement, the President of the Sialkot Chamber, Mr. Ikram ul Haq, has called for immediate policy reforms to invigorate Pakistan's housing and construction sector, emphasizing its crucial role in the national economy. He highlighted the sector's links to 72 industrial sectors and its significant contribution to employment and economic growth, while noting existing structural and policy challenges.

According to a statement by Sialkot Chamber of Commerce and Industry, Mr. Ikram proposed several measures to rejuvenate the sector. These include reducing the withholding tax on property transactions to 1%, making the first property purchase tax-free, and eliminating the 3% Federal Excise Duty, which he described as unenforceable in provinces.

Mr. Ikram also identified the repeal of Section 7E of the Income Tax Ordinance as critical, citing its detrimental effect on sector growth due to the concept of "deemed income." Additionally, he suggested introducing a 10-year fixed-rate mortgage tied to the PIB bond yield and urged banks to classify construction as a priority sector.

He emphasized that these reforms could unlock significant investment potential, prevent capital flight, and create opportunities through affordable housing. Mr. Ikram called on the government to implement these measures swiftly and urged media outlets and stakeholders to raise awareness and expedite decision-making.