LAHORE: The exemption of sales tax on bricks and crush till June 30, 2018 by the government is a positive and far-reaching step to boost national economy.
Talking to APP here on Saturday, Chief Executive Canal Forts Haji Nasir said that this would reduce construction cost and encourage the investors to invest in this sector.
He said that the exemption of minimum tax on builders for the construction and sale of homes and other buildings till June 30, 2018 was also a very encouraging.
The construction industry has a direct impact on more than 16 other industries and the incentives offered in the federal budget for this industry would bring a positive change in a short span of time, he said.
The CE said the government had announced incentives for the encouragement of construction sector which would help the sector to flourish.
He also praised the government for allowing people reduction in mark-up on loans from banks and other revenue departments for the construction and sale of houses.
He said that government’s commitment to provide relief to Real Estate sector reflects from the fact that import duty on Lorries, Cranes and Trucks under use of companies registered with Security and Exchange Commission of Pakistan and Pakistan Engineering Council has been reduced from 30 to 20 percent.
He also praised the government for exempting Capital gain tax on sale of land under housing schemes till June 30, 2018.
The income tax on dividend of schemes developed under Real Estate Investment Trust established till June 30, 2018 have also been reduced to 50 percent, he said
