Rawalpindi: Prime Minister (PM) Imran Khan on Friday announced a relief package for the country’s construction sector; further revealing the government’s decision to abolish withholding tax on building materials (including cement and steel), a news source reported.
To this effect, the city’s additional deputy commissioner – upon receiving the directives of the Board of Revenue Punjab – has notified a 4% reduction in stamp duty on property transactions within its jurisdiction. Instructions in this regards have been issued to the registrars (urban/rural) concerned and the seven tehsils in district Rawalpindi. As per reports, sale/purchase activity has spiked following the government’s initiative.
Additionally,
the condition of being a tax filer for property sale and purchase has also been
suspended in order to help revive the construction industry in the wake of
COVID-19 spread. Moreover, there will be no Capital Gains Tax (CGT) upon
selling of the house.
The
government has set a two-week time period for the approval of residential homes
and government buildings, whilst the approval duration for the high rises and
commercial plazas is 45 days.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
Assalamoalikum
Dear sir
Please keep reminding me about your activities.
Your s sincerely
Muhammad Ilyas khan
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