PM’s task force proposes relief package for construction and housing sectors
This comprehensive proposed package that the Prime Minister’s task force has developed looks to revitalize the construction sector, which faces numerous challenges. Following this, the Ministry of Housing has been presenting a number of proposals in front of the Federal Board of Revenue (FBR) in order to ease the relief targeted at boosting the sector.
Indeed, one main objective is stated to be helping buyers in housing and indirectly stimulating demand from that quarter alone. Plans would also focus more on reviving and growing jobs through the much-needed revival in the construction industry, an age-old provider of jobs,” state the package papers.
The suggested relief includes allowing tax return non-filers buying up to Rs 10 million property that was hitherto prohibited from buying. Additionally, the package foresees a serious decrease in the tax burden on property transactions by proposing the 11 to 14 percent tax rate to be compromised only with 4 and 4.5 percent to make transactions over properties more feasible.
The documents further outline measures which would facilitate purchases of property among overseas Pakistanis. In detail, it suggests that the procedure be made simple for them through an easy-to-follow procedure in buying property as well as providing them with online registration facilities by NADRA.
If these proposals are implemented, they are likely to be crucial in dealing with the financial challenges facing the construction sector, encouraging investment, promoting job creation, and supporting the housing market.