Builders won't be asked about source of income, says PM

Prime Minister Imran Khan on Friday said that the West was dealing with the equation of coronavirus and economy, but Pakistan had to face the challenge of coronavirus and hunger.

He announced a special package for the construction sector and said the investors won’t be asked about their source of income if they invest money during the current year.

Another salient feature of the package is abolishing all the taxes which have been replaced by a fixed tax – to be charged on the basis of square yard/ square foot. Even then they will have to pay only 10 percent of the tax amount if the investment is made in the Naya Pakistan Housing Scheme.

Moreover, the withholding tax have been abolished on all industries except steel and cement.

Efforts would also be made to reduce the sales tax for the construction sector. In this connection, the prime minister especially mentioned Punjab and Khyber Pakhtunkhwa which have reduced the tax to 2 percent.

Meanwhile, there won’t be any capital gain tax on selling a house, while a subsidy of Rs30 billion has been announced for the Naya Pakistan Housing Scheme.

The government has also declared the construction sector an industry and will establish Construction Industry Development Board.

Addressing a media briefing, Imran said the government was opening the construction sector to boost the economic activities in the country and provide employment opportunities for the low-income groups.

The prime minister refused to answer a question about not opting to the public sector development programme and utilising the allocated money under heads.

Justifying the decision to form of Corona Tiger Force and not employing available sources like LHWs for identifying the people for direct assistance, he said countries like the US had the entire labour force listed with complete record.

The prime minister warned that there was possibility of a second wave coronavirus and the nation would have join hands to defeat the coronavirus.