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Cabinet approves ordinance to provide incentives for construction industry

It has a fixed tax regime for builders, developers

SAMAA | - Posted: Apr 18, 2020 | Last Updated: 1 year ago
SAMAA |
Posted: Apr 18, 2020 | Last Updated: 1 year ago
Cabinet approves ordinance to provide incentives for construction industry

The federal cabinet approved an ordinance giving legal cover to the incentive package for the construction industry.

Under the ordinance, a fixed tax regime is being introduced for builders and developers. 

There will be no withholding tax on the construction material, except cement and steel.

Provision of services have been exempted from withholding tax.  The ordinance said builders and developers can receive credit of ten folds income/profit on the tax they pay.

In the ordinance, tax has been reduced by 90% for low cost houses to be constructed under the Naya Pakistan Housing Authority.

This incentive package will be applicable for projects being initiated before the end of this year and ongoing incomplete projects.

Builders and developers will have to get their new and ongoing projects registered with the Federal Board of Revenue.

Prime Minister Imran Khan had announced an incentive package for the construction industry earlier this month to increase employment opportunities following the coronavirus outbreak.

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