ISLAMABAD: The hopes of builders to receive tax concessions suffered a setback as the International Monetary Fund (IMF) dismissed Pakistan’s proposal to introduce a special income tax regime for the construction sector.
A simplified tax scheme had been finalised by the government, which included an offer of a 90% reduction in tax for low-cost housing schemes, particularly the Naya Pakistan Housing Authority (NPHA).
The government had then reportedly presented a draft of the presidential ordinance with the IMF; however, the finance body rejected the proposal as they raised concerns about the concessions further distorting the income tax regime.
Builders and developers were also set to secure major allowances, such as exemption from computer balloting for income tax audit and exemption from the production of record.
Another objective of the proposal to put forward huge tax incentives for the real estate sector was to uplift and help the construction industry recover after it was hit by the slow pace of economic growth and the ongoing drive of documenting the economy.
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