KARACHI: The policies announced by Prime Minister Imran Khan are a historic package that will transform the construction industry of Pakistan, said Chairman Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani.
The announced incentives will play a vital part in reviving the industry and in turn, boosting the national economy as 70 allied industries depend on it, he highlighted.
The incentives announced by the PM included elevating the status of the sector to industry, the establishment of the ‘Construction Industry Development Board’, implantation of a Fix Tax Regime (FTR) for the sector, no money trail required while investing in the sector, Withholding Taxes waived off on construction material except steel and cement, Capital Gains Tax not applicable on families selling properties, Rs30 billion in subsidy for Naya Pakistan Housing and 90% Fixed Tax waived off while investing in the scheme, Sales Tax Reduction will be decided after discussion with the provinces, and Punjab and KPK reducing the sales tax to 2%.
While thanking the PM for his efforts to facilitate the daily wagers, the Chairman requested the PM to consider a universal policy for approval of building plans throughout Pakistan, encouraging builders and developers can start construction as early as possible.
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