ISLAMABAD: To promote construction activities in Islamabad Capital Territory (ICT), the federal government announced to waive off five per cent General Sales Tax (GST) on multiple construction and property services.
The announcement was made after Federal Board of Revenue (FBR) amended the ICT Ordinance 2001 to offer an incentive to property developers, promoters, and retailers in the capital, which is applicable on sales worth Rs50 million annually
Additionally, every approved or sponsored low-cost housing projects under the Pakistan Development Authority (PDA) will also be qualified to avail this waiver.
The developers, retailers, and promoters availing the waivers will not be allowed to file tax adjustment or refund claims.
In addition to boosting economic growth through construction and development, the offered incentive will support over 70 allied industries including steel, cement, hardware, glass, plumbing, wood, paint electrical wiring and equipment etc., and also create an employment front given the pandemic outbreak.
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