Peshawar: The Khyber Pakhtunkhwa (KP) government has reduced real estate taxes by 80% in an attempt to boost the province’s construction industry, a news source reported on August 18. KP Board of Revenue Senior Official Syed Zafar Ali said that the provincial executive reduced taxes on the sector to revive it following the pandemic-induced economic slowdown.
Ali explained that four different types of real estate taxes were reduced from 6% to 2%. These included capital value added tax, local government tax, stamp duty, and registration fee, he said. He highlighted the tax cuts would attract additional investment as well as create jobs.
The senior official opined that the COVID-19 pandemic had severely affected the construction sector in the province. He added that the government’s job was not only aimed at revenue generation but to provide relief and facilities to the public as well. The measures taken by the provincial government would revolutionise the construction industry as well as benefit the associated sectors, he said.
