Investors in construction sector will not be asked about their source of income: PM


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03 Apr, 2020 6:52 pm

ISLAMABAD (92 News) – Prime Minister (PM) Imran Khan has said that Investors in construction sector will not be asked about their source of income.

Announcing an incentivized package for the construction industry, the premier said that the sector plays an important part in development of a country. “Those investing in the construction sector will not be asked about their source of income. Withholding tax on all construction related material has been waived off except on cement and iron,” he maintained.

PM Khan said that the government has decided to give the status of industry to construction sector. “The tax rate will be fixed for the construction sector, and constructors will be charged tax per square foot or square yard,” he added.

Imran Khan further said that capital gain tax on property will not be charged. “The opening of construction industry is necessary to keep the economy running,” he added.

He said a Construction Industry Development Board is also being set up to promote the construction industry. “The sector will be opened from April 14. The government is also devising strategy to lower sales tax in coordination with the provinces,” the premier explained.

He said that capital gain tax will not be applicable on those selling properties. The tax rate will be fixed for the construction sector, and constructors will be charged tax per square foot or square yard.

The prime minister said that the government will pay Rs30 billion subsidy for Naya Housing Scheme. “People carrying out construction in the Naya Pakistan Housing Scheme for the poor will only have to pay 10 per cent of the fixed tax rate,” he elaborated.

“We are also establishing Construction Industry Development Board to promote the sector,” Imran Khan said. He said that so far, 10 million people have applied for support through relief fund.

 


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