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Business

Sindh decides to abolish Capital Value Tax

  • The Sindh government has decided to abolish capital value tax by making a big decision to promote the construction sector and 40 related industries.
24 Aug 2020

The Sindh government has decided to abolish the collection of Capital Value Tax by amending the Sindh Finance Act to give incentives to the construction sector and develop industries related to the construction sector.

According to media reports, the Sindh government has decided to give incentives to the construction sector for the promotion of economic activities in the province, especially in Karachi.

As per details, various tax concessions will be given to accelerate the growth of the construction industry and sale and purchase of property, while steps are being taken to facilitate business in the construction sector.

The Sindh government has decided to abolish capital value tax by making a big decision to promote the construction sector and 40 related industries.

Capital Value Tax Immovable property transactions were levied. The abolition of capital value tax will benefit the construction industry, the real estate sector, and other related businesses and will increase employment and business opportunities for millions of people.

The Sindh government has drafted amendments to the Finance Act to abolish capital value tax on sale and purchase of immovable property and the proposed draft law will be tabled in the Sindh Assembly today (Monday) for consideration and approval.

After the approval of the Sindh Assembly and the approval of the Governor, the collection of capital value tax will be stopped.