Prime Minister Imran Khan in his televised address to the nation has announced the extension of amnesty and subsidies for the construction industry.
According to the PM i) Fixed tax regime has been extended till December 31, 2021, (ii) exemption under Section-111 from disclosing the source of income of investment has been extended till June 30, 2021; (iii) projects completion date of September 30, 2023 has been extended by a year more, and; (iv) exemption for disclosing the source of investment for buyers has been extended till March 31, 2023.
During his address the PM said that since fixed tax regimes and amnesty was announced for construction industry, Rs186 billion projects have been registered on the Federal Board of Revenue (FBR) portal, while Rs116 billion construction projects are in the draft form.
The banks have promised to allocate Rs378 billion for construction activities till December 2021.
Subsidy on interest payment is capped at five percent for five marla houses, and seven percent for 10-marla houses, for the next five years.
Furthermore subsidy worth Rs30 billion will be provided by government on low-cost houses. For first 100,000 low-cost houses for the poor, a Rs300,000 per house grant would be given.
