Construction sector Amnesty plan extended till Dec 31, 2021

One-year Relief for the Building Industry | By Pm Imran Khan | Pakistan Real Estate

Prime Minister Imran Khan has extended the relief package given to the construction industry by one year. Prime Minister Imran Khan spoke across the country on Thursday, saying that the fixed tax regime for the construction sector has been extended till December 31, 2021. Builders will not be asked for sources of money to invest from June 30, 2021, while buyers will not be asked for sources of income until March 31, 2023

The prime minister said that, for the first time in Pakistan’s history, affordable housing scheme has been launched. Rs. 30 billion has been allocated for subsidy in this regard. The government will provide a grant of Rs 3 lakh for the first one lakh houses. Imran Khan said that so far 18.6 billion projects have been registered with the FBR  since relief was provided to the construction sector. The construction sector demanded that time be reduced. We extend this package to meet their needs.

He said that master plans of all major cities of Pakistan would be redesigned so that people could have access to sewerage, water and other facilities and agricultural lands could be protected. The Prime Minister said that the courts were full of cases due to non-digitization of land records. Land disputes are on the rise. Therefore, all lands in Karachi, Lahore and Islamabad will be digitized by August. As a result, the ownership of the land will also be identified, which they will be able to make better use of.

Former Chairman FBR Shabar Zaidi justified the move of the Prime Minister and said that money laundering in Pakistan is huge outside the system. With this package, that money will come into the system and this investment can go up to Rs 2,000 billion. Economist Muzammil Aslam called it encouraging, but called Shabar Zaidi’s prediction impossible, saying Pakistan’s productivity was low. Cement factories can only make as much cement as is being made at the moment. He said that the most important thing in this scenario is a bright digital account, through which overseas Pakistanis from abroad will send money to Pakistan.