Package designed to provide relief to construction sector

Islamabad: The Prime Minister’s task force has designed a proposed package for the construction sector, after which the Ministry of Housing has submitted proposals for relief for the construction sector to the Federal Bureau of Revenue (FBR).

According to the documents, the package includes a proposal to provide relief to buyers in the housing sector, while there are plans to increase employment through the revival of the construction sector.

It is proposed to allow non-filers to buy property worth Rs10 million and to halve the tax rate on property sales, stated the documents.

The documents added that the total tax levied on property transactions is 11 to 14 percent, which is proposed to be reduced to 4 to 4.5 percent.

In addition, it is proposed to provide an easy procedure for overseas Pakistanis to purchase property and provide the facility for overseas Pakistanis to register online with NADRA.

According to the documents, the package also includes a proposal to allow filers to include property worth Rs50 million in their wealth statement.