The Federal Cabinet has approved an ordinance to provide inducements and concession package for the construction industry, here on Friday.
According to the ordinance, there will be no withdrawal tax on all materials except for cement and steel and builders and developers will receive up to ten times the profit and fixed tax regime.
Naya Pakistan Housing Authority will lessen taxes by 90% for low-cost homes.
Additionally, this scheme will be applicable to projects started before December 31, 2020, and existing unfinished projects registered under this scheme and new and ongoing projects must be registered on the Federal Board of Revenue through the IRIS Web Portal.
Moreover, advance tax on property auction has been reduced from ten percent to five percent and sales tax has been reduced to zero in terms of construction services in the province of Punjab in the limits of the federal capital.
