Fixed tax regime for construction sector extended till Dec 31, 2021: PM Imran Khan
Prime Minister Imran Khan addressing the media following a weekly review meeting of the country's high priority economic sectors, on New Year's Eve , 2020. — YouTube
- PM Imran Khan extends fixed tax regime for construction sector to Dec, 2021
- Says Rs186bn worth of projects were registered with the Federal Board of Revenue portal
- "For the primary time banks are financing low cost housing," says premier
Prime Minister Imran Khan on Thursday announced that the fixed tax regime for the development sector has been extended to New Year's Eve , 2021.
"Our housing industry was expecting this, so i would like to offer them some excellent news for the year ahead," said the premier.
He said this was a "big demand" from the industry and now it'll have "a year extra".
The premier was addressing the media following a weekly review meeting of the country's high priority economic sectors.
He provided insight into the investment made in Pakistan's construction sector thanks to the incentives provided by the govt in April, saying Rs186bn worth of projects were registered with the Federal Board of Revenue portal.
He said an extra Rs116bn are in "draft form" and are pending registration.
The prime minister said in Punjab, the approval process is underway for Rs136bn worth of construction projects. He said with these projects, within the province, economic activity worth Rs1500bn are often expected thanks to which 250,000 jobs are going to be generated.
He said similar projects have also begun in Khyber Pakhtunkhwa, Karachi, and Balochistan.
Low cost housing scheme
The prime minister said the govt has also given incentives for low cost housing projects for the salaried class.
"Our first success during this regard is that the foreclosure law that was gone by the court. For the primary time banks are financing low cost housing," he said.
Banks have especially allocated Rs378 billion for the development sector, he added.
He said the rate of interest for a 5 marla house are going to be capped at 5% and for a ten marla house are going to be capped at 7%.
Other progress areas
The prime minister added that in bigger cities of the country, the govt is functioning on master plans under which problems of sewerage and water system are going to be addressed.
Shedding light on other projects, the premier said that the method of digitalisation of land-related data are going to be completed in Karachi, Lahore, and Islamabad by August 2021.
"The progress within the housing industry has also led to a rise within the sales of cement, barring, and other related equipment."
'Coronavirus strategy saved citizens from starvation'
Prime Minister Imran Khan looking back at what's being termed because the "year of the pandemic" said that his government devised careful strategies to save lots of the country from the depression caused by the coronavirus lockdown.
"During the primary wave of the pandemic, the govt saved the citizens from unemployment and starvation," the PM said, adding that the strategy of imposing a 'smart lockdown' clothed to be exceptionally beneficial for the country."
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