Pm Imran khan announced a huge package for construction sector. Promoted it to industry.
While speaking to media representatives he said it will make daily wage jobs available. A board will manage all matters for the status of industry given. Brazilian president also took same measure in the wake of this epidemic crisis, he said. earlier the government also announced a package for exporters.
Main points are as follows.
All the investors of this year will not be asked about the source of income.
It is not for plots. You have to completely construct the building in one year. You have to provide a timeline for the Production.
The fix tax rate will be per feet.
Families exempted from tax
Naya Pakistan workers will pay only ten percent of the fixed tax
30 billion rupees for Naya Pakistan housing scheme.
sales tax level will be brought down.
Construction sector will be given rights of industry and board will be appointed very soon.
This is the rule You have to subsidize the hard workers. Construction is a hard work. Every year labor Die on job at construction sites. it is the overall make up and development on the face of a city. Look around and see for your self what you have.
One of the things is that banks are out of the game over here. Which will save the government some money. Let them make their own organizations handle it.
The only way to put the money on the road is to construct a real estate structure. When the money gets involved in real estate it gets fixed in the place. It is not as easy to move it compared to cash or other assets. cash can be moved outside of the country. There is a lot of money that wants to enter the main stream business in Pakistan and they want to pay tax.
While there are different organs of this announcement. we do say it is really well crafted. Plain and simple.They set new rules for the business. This is the first time in the history of Pakistan that construction sector has recieved such package. This could be a turning point for the economy.
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