AVN 67.30 Increased By ▲ 0.65 (0.98%)
BOP 9.82 Increased By ▲ 0.07 (0.72%)
CHCC 128.31 Decreased By ▼ -1.64 (-1.26%)
DCL 11.26 Increased By ▲ 0.06 (0.54%)
DGKC 111.92 Decreased By ▼ -0.93 (-0.82%)
EFERT 61.68 Increased By ▲ 0.93 (1.53%)
EPCL 44.78 Increased By ▲ 1.03 (2.35%)
FCCL 21.12 Increased By ▲ 0.07 (0.33%)
FFL 17.77 Increased By ▲ 0.32 (1.83%)
HASCOL 21.87 Increased By ▲ 0.91 (4.34%)
HBL 133.11 Increased By ▲ 1.36 (1.03%)
HUBC 82.00 Increased By ▲ 1.78 (2.22%)
HUMNL 8.10 Decreased By ▼ -0.01 (-0.12%)
JSCL 29.90 Decreased By ▼ -0.81 (-2.64%)
KAPCO 27.88 Increased By ▲ 1.39 (5.25%)
KEL 4.21 Increased By ▲ 0.05 (1.2%)
LOTCHEM 12.67 Increased By ▲ 0.17 (1.36%)
MLCF 39.49 Decreased By ▼ -0.17 (-0.43%)
OGDC 105.49 Increased By ▲ 1.16 (1.11%)
PAEL 37.30 Increased By ▲ 0.35 (0.95%)
PIBTL 13.58 Increased By ▲ 0.33 (2.49%)
PIOC 97.80 Decreased By ▼ -0.70 (-0.71%)
POWER 9.52 Increased By ▲ 0.14 (1.49%)
PPL 93.69 Increased By ▲ 0.58 (0.62%)
PSO 207.25 Increased By ▲ 5.75 (2.85%)
SNGP 64.41 Increased By ▲ 0.60 (0.94%)
STPL 14.17 Increased By ▲ 0.27 (1.94%)
TRG 55.33 Increased By ▲ 0.73 (1.34%)
UNITY 18.39 Increased By ▲ 0.29 (1.6%)
WTL 1.20 Increased By ▲ 0.01 (0.84%)
BR100 4,328 Decreased By ▼ -17.62 (-0.41%)
BR30 21,976 Decreased By ▼ -106.9 (-0.48%)
KSE100 41,701 Decreased By ▼ -105.14 (-0.25%)
KSE30 17,606 Decreased By ▼ -52.86 (-0.3%)
COVID-19 TOTAL DAILY
CASES 309,015 798
DEATHS 6,444 7
Pakistan

Construction sector being given industry status, announces PM

Those investing in the construction sector will not be asked about their source of income: PM. Imran says with
Updated 03 Apr 2020
  • Those investing in the construction sector will not be asked about their source of income: PM.
  • Imran says withholding tax on all construction related material has been waived off except on cement and iron
  • The tax rate will be fixed for the construction sector, and constructors will be charged tax per square foot or square yard, says prime minister.

(Karachi) Prime Minister Imran Khan said that the government has decided to give the status of industry to construction sector.

Announcing special package for construction industry on Friday, he said that the sector plays an important part in development of a country.

The prime minister said that those investing in the construction sector will not be asked about their source of income. "Withholding tax on all construction related material has been waived off except on cement and iron,” he explained.

Prime Minister Imran said that capital gain tax on property will not be charged. "The opening of construction industry is necessary to keep the economy running," he said.

"The sector will be opened from April 14," the PM remarked.

"The government is also devising strategy to lower sales tax in coordination with the provinces."

He said that capital gain tax will not be applicable on those selling properties. The tax rate will be fixed for the construction sector, and constructors will be charged tax per square foot or square yard.

He said that the government will pay Rs30 billion subsidy for Naya Housing Scheme."People carrying out construction in the Naya Pakistan Housing Scheme for the poor will only have to pay 10 per cent of the fixed tax rate," Imran elaborated.

"We are also establishing Construction Industry Development Board to promote the sector."

Imran maintained the government's concern to open up the construction sector is to facilitate the daily wagers. He said that the government is also making a strategy for those who cannot afford to pay house rent.

He said the construction industry is the second largest sector in the country which provides employment to the people. He maintained the government wants to create a balance between maintaining a lockdown and keeping the construction sector running to save people from hunger and poverty.

Regarding coronavirus situation in Pakistan, Imran said, "It is a dangerous perception that people in Pakistan are immune to the coronavirus. We have to take preventive measures to deal with the pandemic."

He said the coronavirus has become a challenge for the whole world. Imran Khan pointed out the government cannot "lock up 220 million people" through a harsh curfew to control the spread of Covid-19.

The PM said that so far, 10 million people have applied for support through relief fund.

On the occasion, Adivsor to PM on Finance Hafeez Sheikh said the government has allocated Rs200 billion for those  who have lost their jobs or facing income issues during the coronavirus crisis.

He said a mechanism is being formulated to ensure that funds are provided to the most deserving segments of the society.