{"id":63712,"date":"2020-04-06T17:08:27","date_gmt":"2020-04-06T12:08:27","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=63712"},"modified":"2020-04-06T17:08:28","modified_gmt":"2020-04-06T12:08:28","slug":"construction-sector-relief-package-withholding-tax-on-building-materials-abolished-stamp-duty-reduced","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/construction-sector-relief-package-withholding-tax-on-building-materials-abolished-stamp-duty-reduced.html","title":{"rendered":"Construction sector relief package: Withholding tax on building materials abolished, stamp duty reduced"},"content":{"rendered":"\n<p>Rawalpindi: Prime Minister (PM) Imran Khan on Friday announced a <a href=\"https:\/\/www.zameen.com\/news\/construction-sector-gets-historic-relief-package.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"relief package f (opens in a new tab)\">relief package <\/a>for the country\u2019s construction sector; further revealing the government\u2019s decision to abolish withholding tax on building materials (including cement and steel), a news source reported.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/call-for-labour-rights-granted-construction-workers.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"PM urged to grant formal labour rights to construction sector workers (opens in a new tab)\">PM urged to grant formal labour rights to construction sector workers<\/a><\/p>\n\n\n\n<p>To this effect, the city\u2019s additional deputy commissioner \u2013 upon receiving the directives of the Board of Revenue Punjab \u2013 has notified a 4% reduction in stamp duty on property transactions within its jurisdiction. Instructions in this regards have been issued to the registrars (urban\/rural) concerned and the seven tehsils in district Rawalpindi. As per reports, sale\/purchase activity has spiked following the government\u2019s initiative.<\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/blue-world-city-pledges-construction-of-5000-homes.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Blue World City pledges construction of 5,000 homes under NPHP (opens in a new tab)\">Blue World City pledges construction of 5,000 homes under NPHP<\/a><\/p>\n\n\n\n<p>Additionally,\nthe condition of being a tax filer for property sale and purchase has also been\nsuspended in order to help revive the construction industry in the wake of\nCOVID-19 spread. Moreover, there will be no Capital Gains Tax (CGT) upon\nselling of the house.<\/p>\n\n\n\n<p>The\ngovernment has set a two-week time period for the approval of residential homes\nand government buildings, whilst the approval duration for the high rises and\ncommercial plazas is 45 days. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rawalpindi: Prime Minister (PM) Imran Khan on Friday announced a relief package for the country\u2019s construction sector; further revealing the government\u2019s decision to abolish withholding tax on building materials (including cement and steel), a news source reported. Read: PM urged to grant formal labour rights to construction sector workers To this effect, the city\u2019s additional deputy commissioner \u2013 upon receiving the directives of the Board of Revenue Punjab \u2013 has notified a 4% reduction in stamp duty on property transactions within its jurisdiction. Instructions in this regards have been issued to the registrars (urban\/rural) concerned and the seven tehsils in district Rawalpindi. As per reports, sale\/purchase activity has spiked following the government\u2019s initiative. Read: Blue World City pledges construction of 5,000 homes under NPHP Additionally, the condition of being a tax filer for property sale and purchase has also been suspended in order to help revive the construction industry in the wake of COVID-19 spread. Moreover, there will be no Capital Gains Tax (CGT) upon selling of the house. The government has set a two-week time period for the approval of residential homes and government buildings, whilst the approval duration for the high rises and commercial plazas is 45 days.<\/p>\n","protected":false},"author":75,"featured_media":63188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012,15013,15017],"tags":[25417,25418,25416],"persona":[],"class_list":{"0":"post-63712","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"category-construction","9":"category-notices-announcements","10":"tag-construction-sector-relief-package","11":"tag-stamp-duty-reduced-in-rawalpindi","12":"tag-withholding-tax-on-building-materials-abolished","13":"cat-15012-id","14":"cat-15013-id","15":"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>Withholding tax on building materials waived off - Zameen News<\/title>\n<meta name=\"description\" content=\"PM announced a relief package for the country\u2019s construction sector; 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