The PM says that 90 per cent fixed tax will be removed if any person invested in construction projects under Naya Pakistan Housing Authority and only ten per cent tax will be charged.
ISLAMABAD: (UrduPoint/Pakistan Point News-April 3rd, 2020) Prime Minister Imran Khan announced a massive package for construction industry in order to provide work and employment opportunities amid fears of Coronavirus.
He said the daily wagers would also find work and source of income as the government was announcing incentives for construction industry. “Construction Industry will be operational from April 14,” said the PM while setting the date for Construction industry which his government had already set for lifting up lockdowns.
The PM said that the people who would invest in construction industry would not be questioned and the government was going to give it the status of “Industry”. He stated that the tax rate would also be fixed for construction sector and constructors would be charged tax as per square foot or square yard.
“We are also reducing sales tax by involving provinces. Goods transport will remain functional. Except steel and cement, withholding tax has been removed from all sectors. There will be no capital tax on those who want to sell their house,” the PM said.
He also pointed out that the economy would run smoothly once construction industry was functional.
“A subsidy of Rs 30 billion to be given for the Naya Pakistan Housing Scheme,” said PM Khan, adding that 90 per cent fixed tax would be removed if any person invested in construction projects under Naya Pakistan Housing Authority, pointing out that the person who invested would be asked to pay only ten per cent tax, he added.
“We can’t detain 220 million people and we have to find a balance between Corona and hunger,” he said. It was dangerous to assume that Pakistanis had some sort of immunity against coronavirus and thus would not suffer a huge loss of human lives, he added.