Govt announces tax relief worth Rs18bn for affected sectors

LAHORE: The provincial government has allocated a tax relief package worth Rs18 billion for the sectors affected by the Coronavirus pandemic, informed Punjab Finance Minister Hashim Jawan Bakht.

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The announced initiative includes exemption of General Sales Tax (GST) on services provided by the medical consultants and hospitals and tax on construction development services.

In addition to reducing the Capital Valuation Tax (CVT) and stamp duty taxes to 2% on property transactions, the provincial government has also suspended property and development tax from urban immovable property in order to boost activity in the real estate sector and generate employment.

Furthermore, to facilitate online businesses and Human Resource (HR) development-related services, zero GST on the service tax rate will be applied to cater the general public.   

The government has also planned to facilitate the sectors affected due to covid-19 in the next fiscal year by providing incentives for job creation and boost the economic activities, the minister further added.

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