{"id":63657,"date":"2020-04-03T18:28:48","date_gmt":"2020-04-03T13:28:48","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=63657"},"modified":"2020-04-06T11:06:42","modified_gmt":"2020-04-06T06:06:42","slug":"construction-sector-gets-historic-relief-package","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/construction-sector-gets-historic-relief-package.html","title":{"rendered":"Construction sector gets \u2018historic\u2019 relief package; CGT, source of income conditions revoked"},"content":{"rendered":"\n<p>Islamabad: Prime Minister (PM) Imran Khan today (April 03) announced the government\u2019s decision to open the construction sector from April 14 to facilitate the country\u2019s informal labour demographic; in addition to debuting what he termed a \u2018historic\u2019 relief package for the industry, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/special-tax-incentives-planned-construction-sector-hafeez-shaikh.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Special tax incentives planned for construction sector: Hafeez Shaikh (opens in a new tab)\">Special tax incentives planned for construction sector: Hafeez Shaikh<\/a><\/p>\n\n\n\n<p><strong>Details of the incentive package announced for the construction sector:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Those investing in the construction sector in 2020 will not be questioned about their sources of income,<\/li><li>A <a rel=\"noreferrer noopener\" aria-label=\"fixed tax regime (opens in a new tab)\" href=\"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html\" target=\"_blank\">fixed tax regime<\/a> will be implemented on \u2018per square yard\u2019 and \u2018per square feet\u2019 bases for the construction sector,<\/li><li>For Naya Pakistan Housing Programme (NPHP) constructions, tax impositions will be slashed by 90%, <\/li><li>Withholding tax will be waived off for all construction companies; except those involved in steel and cement-related ventures,<\/li><li>PKR 30 billion in subsidy for NPHP; Capital Gains Tax (CGT) will be waived for families selling their houses,<\/li><li>Construction sector to be given \u2018Industry Status\u2019; a \u2018Construction Industry Development Board\u2019 will be developed to regularize its workings<\/li><\/ul>\n\n\n\n<p> <strong>Read:<\/strong> <a rel=\"noreferrer noopener\" aria-label=\"Amnesty scheme, revision of valuation table on cards for real estate sector (opens in a new tab)\" href=\"https:\/\/www.zameen.com\/news\/amnesty-scheme-revision-of-valuation-table-on-cards-for-real-estate-sector.html\" target=\"_blank\">Amnesty scheme, revision of valuation table on cards for real estate sector<\/a><\/p>\n\n\n\n<p>The PM stressed\nthat the ongoing nationwide lockdown against the coronavirus pandemic was\ncausing massive disruptions to the economy; while adversely affecting the\ncountry\u2019s labour class (many members of which had succumbed to unemployment). <\/p>\n\n\n\n<p>He further added that the government was unable to track all of the country\u2019s unemployed cadres \u2013 seeing as 80% of informal labourers remained unregistered. <\/p>\n\n\n\n<p>The premiere, while responding to a reporter&#8217;s query, acceded that the sector&#8217;s allied industries would also need to be opened to facilitate its proper functioning; adding that the government aimed to reboot the economy slowly &#8211; and with &#8216;wisdom&#8217;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Prime Minister (PM) Imran Khan today (April 03) announced the government\u2019s decision to open the construction sector from April 14 to facilitate the country\u2019s informal labour demographic; in addition to debuting what he termed a \u2018historic\u2019 relief package for the industry, according to news sources. Read: Special tax incentives planned for construction sector: Hafeez Shaikh Details of the incentive package announced for the construction sector: Those investing in the construction sector in 2020 will not be questioned about their sources of income, A fixed tax regime will be implemented on \u2018per square yard\u2019 and \u2018per square feet\u2019 bases for the construction sector, For Naya Pakistan Housing Programme (NPHP) constructions, tax impositions will be slashed by 90%, Withholding tax will be waived off for all construction companies; except those involved in steel and cement-related ventures, PKR 30 billion in subsidy for NPHP; Capital Gains Tax (CGT) will be waived for families selling their houses, Construction sector to be given \u2018Industry Status\u2019; a \u2018Construction Industry Development Board\u2019 will be developed to regularize its workings Read: Amnesty scheme, revision of valuation table on cards for real estate sector The PM stressed that the ongoing nationwide lockdown against the coronavirus pandemic was causing&hellip;<\/p>\n","protected":false},"author":75,"featured_media":60038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012,15013,20385,15016,15017],"tags":[158,25255,25306,25304,25307,25305,563,8109,15023],"persona":[],"class_list":{"0":"post-63657","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"category-construction","9":"category-development-projects","10":"category-new-developments","11":"category-notices-announcements","12":"tag-construction-2","13":"tag-construction-sector-gets-historic-relief-package","14":"tag-good-news-for-pakistan-property-market","15":"tag-pakistan-construction-section","16":"tag-pakistan-property-market-future","17":"tag-pakistan-property-sector","18":"tag-pakistan-real-estate-sector","19":"tag-pm-imran-khan","20":"tag-slider","21":"cat-15012-id","22":"cat-15013-id","23":"cat-20385-id","24":"cat-15016-id","25":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Construction sector gets \u2018historic\u2019 relief package - Zameen News<\/title>\n<meta name=\"description\" content=\"PM Imran Khan today (April 03) announced the government\u2019s decision to open the construction sector from April 14 to facilitate the country\u2019s informal labour\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/construction-sector-gets-historic-relief-package.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction sector gets \u2018historic\u2019 relief package - Zameen News\" \/>\n<meta property=\"og:description\" content=\"PM Imran Khan today (April 03) announced the government\u2019s decision to open the construction sector from April 14 to facilitate the country\u2019s informal labour\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/construction-sector-gets-historic-relief-package.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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