Prime Minister Imran Khan on Friday raised the status of the construction sector to that of an industry to maintain a balance between lockdown and economy activities. Prime Minister announced a relief package for the construction sector to boost the country's economic conditions.
Prime Minister Imran Khan announced a set of incentives and inducements for the housing structure and construction sector. He said that the core objective was to employ the laborers so that they can be protected from difficulties, hunger and grim situations.
He said that withholding tax on materials and services had been eliminated in the informal sector. "Tax will be gathered only on steel and cement, mainly because these are the formal sectors," PM said.
Prime Minister Imran Khan said that all the people investing and capitalizing in the construction sector in current year will not be probed and questioned about their source of income and investing money
Prime Minister further said that the tax rate will be stable and fixed for the construction sector for now and constructors and builders will be charged tax per square foot or square yard on the area.
He further said that any family selling their home will not have to pay any capital gain tax on the house and sales tax will be reduced in consultation with Provincial governments, PM said.
Prime Minister said that the government ensuring that the construction sector was given the industry status and he announced the new set up of the Construction Industry Development Board to promote and endorse the construction industry in Pakistan
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