ABAD chairman laments 15 to 20 bln USD flight to abroad

KARACHI: Chairman ABAD Hassan Bakshi on Saturday said that around 15 to 20 billion dollars have been transferred to the UAE and apprehended more capital to shift over there.

Addressing the 8th Pakistan International Property Expo and Tourism Investment Opportunities Conference here, the Chairman Association of Builders and Developers (ABAD) said that this system could not run owing to existing financial and taxation policies in the country.

He said there is 60 percent tax in Pakistan which is not even in Europe. “In Karachi’s South district 100 construction projects have been prepared for building”, he said.

He said there is four percent property transfer tax in Dubai, while it is 40 % in Pakistan.

“Property can be purchased in New York and London but it could not in Karachi,” Chairman ABAD said.

He said someone have to offer patronage to the construction sector for the sake of Pakistan.

President Islamabad Chamber of Commerce Sardar Tahir Mehmood said that owing to government policies and IMF conditions the real estate has not been in a good shape. He said Pakistan has a shortage of 20 million housing units; the country needs 1.5 mln homes each year.

Senior Vice President FPCCI also addressed the expo and stressed for offering attention to the brand of Pakistan.