PM Imran Khan Gives Incentives for Construction Industry
Good News for Real Estate and Construction Industry of Pakistan.
Prime Minister Imran Khan has announced an amazing package for the construction and development industry of Pakistan to overcome unemployment caused by the outbreak of Coronavirus. Under the new Prime Minister package, whoever invests in the construction sector under Naya Pakistan Housing Project will not be asked questions about their source of income. Prime Minister’s ordinance for the construction and development industry will give relief to investors who invest in construction projects under NPHA (Naya Pakistan Housing Authority) by reducing 90% of the tax. The investor will have to pay only a 10% tax.
The basic purpose of this ordinance is to control unemployment and keep a balance between the economy and social distancing. PM’s incentive also fulfills the demand of the developers and builders of Pakistan for the fixed income tax and the declaration of the construction work as an industry. After this ordinance there will be no withholding tax on the construction material except steel and cement.
Under this package subsidy of around 30 billion rupees is being given to NPHP (Naya Pakistan Housing Project) to support and construction activities. A construction industry development board is also established to promote the construction industry of Pakistan. Another purpose of facilitating the construction industry is to support and facilitate the daily wagers who work hard to feed and support their families. According to Prime Minister Imran Khan, the government is also working on a new strategy to support those families who can’t afford to pay house rents.
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