ISLAMABAD: The status of the construction sector has been changed to an industry, announced Prime Minister Imran Khan.
The decision was taken after the government was to announce an Rs100 billion relief package for the construction industry.
Money trail will no longer be required in the construction sector, said the PM.
In addition, the government has waived off the withholding tax on materials in the construction sector.
While the government works to devise a strategy to lower sales tax in coordination with the provinces, it was also said that relief in taxes will be provided to cater to those working in the construction sector.
According to the new policy, Capital Gain Tax will not be applicable to those selling properties.
“We are also establishing the Construction Industry Development Board to promote the sector”, Khan added.
The government will also pay a subsidy of Rs30 billion for Naya Pakistan Housing Scheme.
Around 10 million people have applied for funds, informed PM Imran Khan.
He maintained the government’s concern to open up the construction sector is to facilitate the daily wager.
By incentivising the construction industry, the government has worked to facilitate the daily labourers.
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This package is v good for property let see price increase ya decrease