The construction sector got industry status, the ordinance came into force after the president signed

The construction sector got industry status, the ordinance came into force after the president signed

President Arif Alawi signed the ordinance to give concessions to the construction industry, after which he got the status of law and started implementation.

Under the new law, no income source will be asked for investment in construction projects, investment in Pakistan Housing Scheme will be 90% tax exemption, builders and land developers will get special tax privileges, construction sector will get industry status, Fixed tax scheme will be introduced, builders and land developers will be exempt from income tax and capital gains tax.
The ordinance will not apply to public office holders and anonymous beneficiaries, criminals and terrorist investors.

After the approval of the Federal Cabinet, the President has signed the ordinance of the construction industry concession package, with which the ordinance has now become law and the concession package for the construction industry has begun to be implemented.
Important points of the ordinance

Under the ordinance, Builders & Land Developers will have to deposit this capital in bank accounts by December 31, but Builder & Land Developers will be able to withdraw capital from bank accounts and use it in construction projects.
Landers and Land Developers will be able to use this capital through cross-check by September 30, 2022, while under the ordinance, builders and land developers will be exempt from income tax and capital gains tax.

The ordinance will not apply to public office holders and anonymous donors, crime and terrorist capital.

The ordinance will apply to projects completed by September 2022, and under the ordinance, builders and land developers will be exempt from the withholding tax on cement and other materials, while the construction sector will receive industry status for which fix. Tax scheme will be introduced.
The ordinance also states that the investment in the New Pakistan Housing Scheme will be 90% tax deducted and capital gains tax will not be applicable for selling the house.

According to the ordinance, the Construction Industry Development Board will be established.

It may be recalled that a few days ago, Prime Minister Imran Khan announced concessions for the construction industry.

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