PM Imran Khan's New Construction Package And Its Loopholes

via https://youtu.be/4DL9yN6eSQ8 Disclaimer*: The articles shared under 'Your Voice' section are sent to us by contributors and we neither confirm nor deny the authenticity of any facts stated below. This article was originally submitted by Abu Bakar Sadiq To fulfill the longstanding demand of builders and developers for fixed income tax and declaration of the construction sector as an industry, the Federal Government has recently announced an incentive package for the construction sector. The package will have a multiplier effect on other business activity in forty different economic sectors and will also revive the construction industry. The purpose of this package is to provide employment to daily wage earners and spurring the economic activity in the wake of coronavirus outbreak, the subsidy of 30 billion for NAYA Pakistan housing scheme was announced by the Prime Minister. The Package has additional incentives for builders and developers to build low-cost housing for the poor under NPHS. Moreover, to stimulate economic activity, the government changed the status of the construction sector into the industry and give numbers of incentives to the construction industry. The incentives are Fixed tax, based on per sq/yard, is introduced in this sector. If an investor invests in it then 90% fixed tax removed. Moreover, Provisions of section 111 have been exempted. Lastly, the federal government will establish a ‘construction industry development board’.