ISLAMABAD – Prime Minister Imran Khan has announced an incentivized package for the construction industry in order to increase employment opportunities in the country in the wake of coronavirus outbreak.
Announcing the package in Islamabad on Friday, he said those who invest in the sector will not be asked questions about their source of income.
The Prime Minister said fixed tax will be introduced in construction sector and if the investor invests in construction projects under Naya Pakistan Housing Authority, ninety percent fixed tax will be removed and he will have to pay only ten percent tax.
He said withholding tax on construction will be lifted from all sectors, except steel and cement. Imran Khan said sales tax is also being brought down in coordination with the provinces. The Prime Minister said there will be no capital gain tax for a family that sells its house.
He said a subsidy of thirty billion rupees is being given to Naya Pakistan Housing project to spur the construction activities.
The Prime Minister said a Construction Industry Development Board is also being set up to promote the construction industry.
Imran Khan said a unified national response will help address the challenge of COVID-19 pandemic.
He said work in construction sector will start from 14th of this month.
He said coronavirus has become a global challenge, however its impacts are different in Pakistan in comparison with the West.
He said we are facing dual challenge of corona as well as hunger.
The Prime Minister said lockdown will be successful only when it will be fully implemented across the country.
He said agriculture and construction are two major employing sectors in the country and a lot of people are associated with these.
