Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh Friday chaired a meeting to devise the modalities for the implementation of the fiscal stimulus package, and directed to make the best use of their abilities for providing relief to the worst effected on priority basis.
The meeting, also attended by Adviser to the Prime Minister on Commerce Razak Dawood, held detailed deliberation on the overall impact of the pandemic on the economy, the emergency needs that may arise, and the ways and means to best utilise the available financial resources with utmost transparency and maximum relief to the poor.
The meeting noted relief package will give stimulus to the economy of the country. Different steps had already been taken in this regard, which include Rs100 billion tax refunds and the allocation of Rs200 billion to provide relief to the daily wagers being the most recent.
Continuing with the announcement of relief measures for various sectors, a package for the construction industry has been announced, says the Finance Ministry.
The ministry says that the package involves giving status of industry to the construction sector, fixation of tax rates for the construction industry, reduction in taxes (90 percent) for those who are involved with the provision of low-cost housing facility under the Naya Pakistan Housing Scheme, Rs30 billion subsidy for the low-cost housing sector, and withdrawal of withholding tax on certain construction materials.
The package also involves setting up of "Construction Industry Development Board". The Construction Industry will become practically operational after the April, 14, so that the daily wagers who are the most vulnerable of the population shall have work to earn a respectable earning for their families besides receiving a stipend through the Ehsaas program to supplement their incomes.