ISLAMABAD, Pakistan: Prime Minister Imran Khan has said that nobody will ask about money trail of those who will invest in Construction Sector this year.
While announcing a Rs 30 billion subsidy for the Naya Pakistan Housing Scheme, he said that whosoever invests in the Construction Sector, he won’t be asked to provide his money trail.
Interacting with media representatives in Islamabad, the prime minister outlined the package for the Construction Sector as part of initiatives to increase employment opportunities in the Country, and said that it would be given the status of an Industry.
The prime minister also announced the establishment of a Construction Industry Development Board.
Imran Khan said that now a fixed tax will be levied in the Construction Sector. He also announced the abolition of withholding tax on Material and Services in the Construction Sector; however, it would remain on Cement and Steel. He said that the capital gain tax will not be levied on selling a house.
Furthermore, the prime minister said that the construction works will be initiated on April 14, and added that no one will be asked to provide his money trail if that person makes an investment in the Construction Sector.
Imran Khan said that if the investor invests in construction projects under the Naya Pakistan Housing Authority, 90 percent fixed tax will be removed and he will have to pay only 10 percent tax.
Prime Minister Imran Khan announced a set of incentives for the construction sector, saying that his main objective was to provide employment to the labourers so that they can be saved from “hunger and the coming difficult circumstances.” #KhidmateKhalq pic.twitter.com/amH7ltDN9j
— Faisal Javed Khan (@FaisalJavedKhan) April 3, 2020
