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Prime Minister Imran Khan announced that the Govt of Pakistan has extended the fixed tax regime to Dec 31, 2021.
He said this had been a big demand from the construction industry which was why they were given an “extra year”.
The Prime Minister said, “We believe that the economic activity that this will generate only in Punjab will be equivalent to Rs1,500bn and will result in 250,000 jobs. Similar projects have also been started in Khyber Pakhtunkhwa, Karachi and Balochistan.
Prime Minister extends Construction Package:
Extensions in last dates:
- Amnesty for investors deadline June 2021
- Project completion deadline Sep 2023
- Buyers’ source of income exemption until Mar 2023
- Fixed Rate regime: upto December 2021
- Projects Completion Dates: Sept 2024
Imran Khan said a subsidy of 30 billion rupees will be provided to low income people enabling them to get their own house under affordable housing scheme. He said banks have reserved 378 billion rupees for December 2021 to support the construction sector.
He said that loan subsidy at the interest rate of five and seven percent respectively will be available on houses of five Marla and above. He said a grant of 300,000 rupees will be given to first 100,000 houses.
He said an automated approval regime has been introduced in the federal capital, Punjab, and Khyber Pakhtunkhwa for speedy approval to start a housing project.
PM revealed that so far 186 construction projects have been registered on the FBR portal, while work on projects worth 163 billion rupees has already begun.
Prime Minister Imran Khan has said new master plans of all big cities of Pakistan will be prepared to prevent unplanned spread of urbanization and to protect agricultural land.
He said land digitization in Karachi, Lahore, and Islamabad will be completed by August next year. Besides, record of state land in these cities is also being completed on priority basis.
The Prime Minister said the government will fully back the construction sector and encourage wealth creation so that we can generate jobs for our youth and payback our debt. He said it is a good sign that record sale of cement and steel has been witnessed, which shows boom in the construction sector.
Govt is considering PM’s relief package to extend which is going to expire tomorrow
Builders will pay 6 times lower tax under PM’s Construction Package besides markup subsidy facility
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