Islamabad: Prime Minister Imran Khan has announced a huge package of concessions for the construction sector in the country.
The purpose of opening up the construction sector is to provide jobs to those working on daily wages. He said that this year, investors in the construction sector will not be questioned about income.
The construction sector is fixing the tax rate, which in turn will reduce the overall tax rate for that sector. The new Pakistan Housing Scheme will provide a 90% tax rebate to the builders. Initially, a subsidy of Rs 30 billion will be provided for the scheme. Services tax on building materials and services other than steel and cement are being waived.
Similarly, if a person sells his house, he will not be charged capital gains tax.
Prime Minister Imran Khan construction sector Relief Package
Prime Minister Imran Khan has announced a major concession package for the construction sector.150 billion has been released which will provide financial support to the poor. Under the ehsaas program, ten million people have been referred for financial assistance so far but it is not possible to help the poorest sections of the people and survive.
The country’s construction sector provides the most employment after agriculture, the purpose of continuing its activities is to provide daily wage earners
PM Imran Khan construction sector Relief Package
Prime Minister Imran Khan has announced a major package for the construction sector under which the construction sector will be opened from April 14, this year, the investor in the construction sector will not be asked for income, the fixed tax will be imposed, It has been decided to abolish the holding tax on all construction sectors except cement and steel industry, homeowners will not be charged capital gains tax, construction industry development board will be established.
Investors in the Prime Minister’s Housing Program will be given a 90% tax rebate and will only pay 10% of the total tax amount on their projects. In consultation with the governments of Punjab, Khyber Pakhtunkhwa and Sindh, the sales tax on the construction sector have been decided to reduce all taxes by two percent. Talking to reporters on the occasion of the announcement of the package, the Prime Minister said that 30 billion subsidies for the new Pakistan Housing Scheme are going to give industry status to the construction sector.
PM Imran Khan said that the construction sector is being given regular industry status and construction industry development authority is being established for this.