Lahore: The Government of Punjab has announced a ‘Tax Relief Package’ worth PKR 18 billion that defers the Property Tax on urban immovable property, suspends the taxes on construction services and reduces the Capital Value Tax & Stamp Duty from 6% to 2% in order to boost the construction and real estate sector – a news source reported.
According to details, in order to stimulate the national
economy and construction sector and to boost the employment generation, the
government has also deferred the Property Tax and Development Cess on urban
immovable property. The property tax and professional tax have been suspended
for a period of 3 months.
While speaking during a briefing session on Punjab Tax Relief Package, Punjab Finance Minister Hashim Jawan Bakht revealed that the General Sales Tax (GST) has been reduced from 16% down to zero on all online platforms and on the services provided by the medical consultants and hospitals. Moreover, the GST on construction services has also been suspended.
Finally, the GST for businesses and services related to
Human Resource (HR) development have also been brought down to zero – including
the businesses that closed down.
When the notification is coming regarding stamp duty