{"id":93876,"date":"2023-06-12T15:08:09","date_gmt":"2023-06-12T10:08:09","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=93876"},"modified":"2023-06-12T15:08:11","modified_gmt":"2023-06-12T10:08:11","slug":"tax-relief-builders-budget-2023-24","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/tax-relief-builders-budget-2023-24.html","title":{"rendered":"Budget 2023-24: Government unveils tax incentives for builders"},"content":{"rendered":"\n<p>Islamabad: The government has introduced tax incentives for builders and individuals engaged in new construction projects in a bid to recognise their crucial role in the country&#8217;s economic development, a news source reported on June 9.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/features-budget-2023-24-outlay-pkr-14tr.html\" target=\"_blank\" rel=\"noreferrer noopener\">Budget 2023-24: Govt proposes budget with PKR 14tr outlay<\/a><\/p>\n\n\n\n<p>As per the details, tax relief for builders under budget 2023-24 will consist of either 10% or PKR 5 million on their business income for the next three years. The individuals undertaking construction projects will get a tax relief of 10% or PKR 1 million for the next three years. These tax benefits will come into effect starting from July 1, 2023.<\/p>\n\n\n\n<p>The government has proposed to increase the concessional tax rate for banks providing loans to the construction industry, agriculture, and small and medium-sized enterprises to stimulate growth for additional two years. The concessional tax was, originally, offered from 2020 to 2023. It is pertinent to note that this scheme allowed the banks to be taxed at a lower rate of 20% on the income generated through loans.<\/p>\n\n\n\n<p>Moreover, the government has introduced a special tax regime for land developers. Under the new measure, they will be treated as separate businesses and will be taxed on a project basis. Land development businesses, including banks and insurance companies, will be subject to scheduler taxation. The proposed minimum tax rate for land developers is 5% of turnover, as per Section 113 (Turnover Tax). This rate is significantly lower than the standard tax rate of 1.25% applicable to individuals, Associations of Persons (AOPs), and companies.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/bodies-formed-builders-investors-issues.html\" target=\"_blank\" rel=\"noreferrer noopener\">Bodies formed to address issues faced by builders, investors in CDA sectors<\/a><\/p>\n\n\n\n<p>Furthermore, a Project Advance Tax is proposed, where the Approving Authority will collect an advance income tax of 7.5% of the fair market value of the land at the Federal Board of Revenue (FBR) Table value upon the first approval of the Layout Plan (LoP). This amount will be adjusted over three years against the yearly income tax liability of the project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has introduced tax incentives for builders engaged in new construction projects. <\/p>\n","protected":false},"author":83,"featured_media":63726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[57076,57075],"persona":[],"class_list":{"0":"post-93876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-budget-2023-24","9":"tag-budget-2023-24-government-unveils-tax-incentives-for-builders","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Relief for Builders Under Budget 2023-24- Zameen News<\/title>\n<meta name=\"description\" content=\"Tax relief for builders under budget 2023-24 has been proposed by the government to recognise their crucial role in economic development....\" \/>\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\/tax-relief-builders-budget-2023-24.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Relief for Builders Under Budget 2023-24- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Tax relief for builders under budget 2023-24 has been proposed by the government to recognise their crucial role in economic development....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/tax-relief-builders-budget-2023-24.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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