Pakistani Prime Minister, Imran Khan has granted construction sector as a status of “Industry”. He further said,” We want to migrate Corona Virus impact on industry by granting construction package.”
Prime Minister announced following incentives for the sector
a: Investors would not be asked for their source of income who are investing in sector this year.
b: Tax system of per square foot will be introduced for the sector.
c: 90 % tax will be waived off for those who invest in Naya Pakistan Housing Project.
d: A subsidy of Rs. 30 billion will be granted to Naya Pakistan Housing Project.
e: No capital gain tax on sale of houses.
e: Withholding tax will be waived for construction industry except formal sectors of steel and cement.
f: Construction Industry Development Board to be set up to support the industry.
Prime minister believes that real estate sector has immense potential for labors and direct link with steel, cement, sanitary ware, tiles and many other industries which generate economic growth in the country.
This economic activity in country not only create jobs but also can be good sign for the construction industry and real estate business in future.