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.
For more news and blogs, visit Graana.com.
Islamabad: The chairman of the Capital Development Authority (CDA) and Chief Commissioner Islamabad, Muhammad Ali…
Peshawar: The Khyber Pakhtunkhwa government is exploring plans to construct a 31-kilometre outer ring road…
Islamabad: The National Highway Authority (NHA) has spent more than half of its development budget…
Karachi: A high-level meeting chaired by Sindh Minister for Local Government Syed Nasir Hussain Shah…
Riyadh: Saudi Real Estate Co. (Al Akaria) has signed a long-term lease agreement with Amsa…
Rawalpindi: The divisional administration has begun acquiring land for the Rs5 billion Thalian Interchange, a…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
