Lahore: The federal government, through a notification carried in a news publication on July 26, showcased the various measures taken for the revival of activity in the country’s construction industry.
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According to the details available, following the lockdown initiated due to the spread of the coronavirus pandemic in the country, the government had introduced a number of steps to boost construction activity that, in turn, served to provide employment opportunities to labourers and helped boost a number of allied industries. At the same time, the government had also launched a number of measures and packages to boost business activity, and to improve ease of doing business both at the federal and provincial levels.
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Some of these measures included:
- Industry status for construction sector
- Concessions for construction industry under fixed tax regime
- Concessions and waivers on withholding taxes
- Reduction in provincial taxes
- 330 billion loan by banks for housing finance
- Housing finance for 5-marla homes at just 5% mark-up
- Housing finance for 10-marla homes at just 7% mark-up
- Launch of one-window cell at divisional headquarters around Punjab
- PKR 300,000 discount on construction of affordable homes
- Taxes on affordable housing reduced by 90%
- No questions asked about source of income in construction projects started before December 2020
- No Capital Gains Tax on sale of family’s first 500 sq yd home or 400 sq ft apartment