Islamabad, Dec 29: The Association of Builders and Developers (ABAD) has categorically rejected the Federal Board of Revenue’s (FBR) decision to impose restrictions on property transactions by non-filers. Speaking to the media, ABAD Chairman Hassan Bakhshi termed the move as counterproductive, warning that it will discourage investment and cripple Pakistan’s already struggling construction sector.
Bakhshi argued that the ban on buying and selling properties for non-filers will have a domino effect on the economy. “The construction industry employs millions of people directly and indirectly.
If these restrictions remain, the industry will collapse, and unemployment will rise,” he stated. Highlighting the disparity in policies, Bakhshi pointed out, “A Pakistani citizen can purchase property anywhere in the world, but they are being deprived of this right in their own country. This is unjust and unacceptable.”
He also raised concerns about the larger implications of such restrictions on foreign remittances. “Pakistanis living abroad, who contribute significantly to the national economy through remittances, may lose confidence in the system if such restrictive measures continue,” he explained.
Bakhshi further alleged that the policy appears to be a deliberate attempt to undermine the economy. “It seems like there is a conspiracy at the government level to sabotage the national economy. Instead of facilitating investment, the authorities are creating hurdles,” he remarked.
ABAD has called on the government to revoke the restrictions immediately and adopt measures that encourage transparency and investment without discouraging potential buyers. “The focus should be on broadening the tax net and simplifying processes, not on punitive actions that harm businesses and individuals alike,” Bakhshi concluded.
The construction industry, a vital pillar of Pakistan’s economy, contributes significantly to GDP and generates employment for millions.
