Govt considering tax cuts to boost construction industry

• SAPM said that the govt is planning to implement a fixed tax on purchase of a constructed house and is contemplating on eliminating sales tax at construction stage.
• She further said that the government aims to lower the capital value tax rate.

The government is in line to introduce a few measures such as a fixed tax on purchase of a constructed house and elimination of sales tax at construction stage to boost up the construction industry, said Special Assistant to Prime Minister for Information and Broadcasting Firdous Ashiq Awan on Friday.

In a series of tweets on Friday, the advisor said that the government is planning to implement a fixed tax on purchase of a constructed house and is eyeing to eliminate sales tax at the construction stage, which will prove to be a 'milestone in the promotion and development of the construction'.

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— Firdous Ashiq Awan (@Dr_FirdousPTI) 6 December 2019

The advisor further said that more facilities are being created for the people belonging to the construction sector. In addition to lowering the capital value tax rate, the issuance of e-statement paper is also being implemented.

Furthermore, she said, “The need of permits and NOCs are being reduced to possible extent which will boost the construction sector, increase economic activity and open new avenues for skilled people”.

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— Firdous Ashiq Awan (@Dr_FirdousPTI) 6 December 2019

Earlier, the advisor said that Naya Pakistan Housing Authority chairman has informed the prime minister that tax levied on construction would be abolished, for which the matter is under consideration for approval with the provinces.