{"id":64096,"date":"2020-04-15T14:51:11","date_gmt":"2020-04-15T09:51:11","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64096"},"modified":"2020-04-15T15:14:59","modified_gmt":"2020-04-15T10:14:59","slug":"pakistan-construction-sector-relief-package-finalised","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistan-construction-sector-relief-package-finalised.html","title":{"rendered":"Draft ordinance for construction sector relief package finalised; announcement expected today"},"content":{"rendered":"\n<p>Lahore: In order to operationalise its announced construction sector incentive package, the government is looking to promulgate an amendment ordinance to make the necessary changes in the Income Tax Ordinance 2001 (and other relevant laws); the draft for which has been prepared \u2014 a news source reported. As per the publication, the ordinance is expected to be officiated today. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/construction-sector-gets-historic-relief-package.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Construction sector gets \u2018historic\u2019 relief package; CGT, source of income conditions revoked (opens in a new tab)\">Construction sector gets \u2018historic\u2019 relief package; CGT, source of income conditions revoked<\/a><\/p>\n\n\n\n<p>According to the details available, the 11<sup>th<\/sup>\nSchedule is proposed to be added to the income tax ordinance that will\ndetermine the new rates at which the income and taxes payable by the builders\nwill be determined. It will also introduce the amendment that will exempt\ninvestors, builders and developers from revealing their source of investment in\nthe construction sector for a certain period of time. This exemption will also\nextend to the people who are the first-purchasers of a newly constructed\nbuilding \u2014 if the purchase is made before September 30, 2022. <\/p>\n\n\n\n<p>For the purpose of calculation of tax liability on a\nproject-by-project basis, the country has been divided into three categories.\nKarachi, Lahore, and Islamabad have been placed in one category, with the\nhighest rates. Hyderabad, Sukkur, Multan, Faisalabad, Rawalpindi, Gujranwala,\nSahiwal, Peshawar, Mardan, Abbottabad, and Quetta have been placed in the\nsecond category with a specified rate as well. The third category will comprise\nof all the other urban areas in the country.<\/p>\n\n\n\n<p>The tax rates will also differ depending on whether the\ncompany is categorised as builders or developers. <\/p>\n\n\n\n<p>The provisions of these amendment ordinances will apply to the projects started between time of the promulgation of the ordinance and December 31, 2020, and will be finished on or before September 30, 2022. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/will-prime-minister-construction-package-work.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Will the Prime Minister\u2019s Construction-sector Package Work? (opens in a new tab)\">Will the Prime Minister\u2019s Construction-sector Package Work?<\/a><\/p>\n\n\n\n<p>Additionally, the ordinance will exempt the sale of personal\nhomes from the Capital Gains Tax \u2014 only once for a family, and provided that\nthe house is not larger than 500 sq yd or the flat is not larger than 4,000 sq\nft. <\/p>\n\n\n\n<p>The ordinance will also lift the withholding tax on\nconstruction materials as had been announced by the Prime Minister in his\nconstruction package speech. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: In order to operationalise its announced construction sector incentive package, the government is looking to promulgate an amendment ordinance to make the necessary changes in the Income Tax Ordinance 2001 (and other relevant laws); the draft for which has been prepared \u2014 a news source reported. As per the publication, the ordinance is expected to be officiated today. Read: Construction sector gets \u2018historic\u2019 relief package; CGT, source of income conditions revoked According to the details available, the 11th Schedule is proposed to be added to the income tax ordinance that will determine the new rates at which the income and taxes payable by the builders will be determined. It will also introduce the amendment that will exempt investors, builders and developers from revealing their source of investment in the construction sector for a certain period of time. This exemption will also extend to the people who are the first-purchasers of a newly constructed building \u2014 if the purchase is made before September 30, 2022. For the purpose of calculation of tax liability on a project-by-project basis, the country has been divided into three categories. Karachi, Lahore, and Islamabad have been placed in one category, with the highest rates. Hyderabad,&hellip;<\/p>\n","protected":false},"author":57,"featured_media":60038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[26268,26263],"persona":[],"class_list":{"0":"post-64096","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-construction-sector-relief-package-details","9":"tag-draft-ordinance-for-construction-sector-relief-package-finalised-announcement-expected-today","10":"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>Pakistan construction sector relief package finalised - Zameen News<\/title>\n<meta name=\"description\" content=\"According to the details available, the 11th Schedule is proposed to be added to the income tax ordinance that will determine the new rates at which the\" \/>\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\/pakistan-construction-sector-relief-package-finalised.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan construction sector relief package finalised - Zameen News\" \/>\n<meta property=\"og:description\" content=\"According to the details available, the 11th Schedule is proposed to be added to the income tax ordinance that will determine the new rates at which the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistan-construction-sector-relief-package-finalised.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2020-04-15T09:51:11+00:00","article_modified_time":"2020-04-15T10:14:59+00:00","og_image":[{"width":1170,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/1280px-Flag_of_the_Prime_Minister_of_Pakistan.svg_.png","type":"image\/png"}],"author":"Muhammad Farhad","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Muhammad Farhad","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/pakistan-construction-sector-relief-package-finalised.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/pakistan-construction-sector-relief-package-finalised.html"},"author":{"name":"Muhammad Farhad","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9fc1132e74cdd346f201633b8d1cebc9"},"headline":"Draft ordinance for construction sector relief package finalised; 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