ORDINANCE for CONSTRUCTION RELIEF PACKAGE 17th April 2020
Government of Pakistan today passed an ordinance on Construction Relief Package. In this article and video we have explained that ordinance briefly and how it will effect the general public. We discussed the following points in the video:
1)All construction material except cement and steel to be exempted from With holding tax
2) Fixed tax for builders and developers at the rate of Rs 50 and Rs 100 respectively per sqft or per sq yard of covered area or land area respectively
3) No sales tax will be charged on Services and fixed tax has been implemented.
4) Scheme will be valid for the projects started before 31st Dec 2020
5) No amnesty for cash transactions, all cash will have to be deposited in bank account first and all transactions to be done in cross cheque instruments
6) Project deadline will be 30th sept 2022 in case of builders if only grey structure is complete till the dead line project shall be considered for amnesty
7) If any investor/buyer intends to purchase flat/house/building, can avail the amnesty scheme by purchasing the property before 30th sep 2022 provided transaction is done through banking channel and cross cheque instruments
8)Capital gain tax waived off for first project
9)Maximum house size allowed in this amnesty is 1 kanal/500 sq yd. Incase of flat maximum covered area should not exceed 4000 sqft
10)CVT exempted by the federal government
11)Construction sector given status of INDUSTRY
Watch the video for detailed discussion or go through following official draft:
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