The prime minister of Pakistan Imran Khan made some major announcements for the real estate sector.
Since the start of the World deadliest pandemic COVID-19, Almost all spectrum of life has been affected one way or the other, A pandemic that went out of hand for the developed nation is really frightening to the developing nation along with all the uncertainty that comes with it.
Developing countries already struggling with a crumbling economy and a huge debt left for them to pay, with businesses closed down due to a forced lockdown as a measure to curb the spread of the deadly virus.
Developing nations are making sure they are making the right decisions during this pandemic.
A total lockdown might kill off the economy and a non-lock down might kill its people, a very hard choice for countries to make, and it is very crucial that countries are decisive at the moments.
Late this week the prime minister Imran Khan decided to give some relaxation to the construction industry amidst this coronavirus lockdown, As the construction and real estate industry plays a vital role in Pakistan’s economy, and their inactivity would result in a huge loss.
Industry Status has been given to the Construction Sector
The following updates have then been further announced
- Withholding tax on construction materials is to be waived off, excluding cement and iron
- There would no longer be unnecessary inquiries about the source of income for those investing in the construction sector
- Tax rates would now be fixed for, as they would be charged per square foot or square yard
- Capital gain tax on properties would no longer be charged
- A subsidy of 30 billion rupees would be paid to the Naya Pakistan housing scheme for the poor
- A construction industry development board is to be established
While trying to fight the pandemic as much as possible Imran khan is technically trying to keep a balance in the country’s economy by allowing operations ongoing for the construction industry, which is the second-largest sector In the country.