ISLAMABAD: Federal Board of Revenue (FBR) highlighted tax relief package and said that source of investment for construction sector will not be investigated.
The government recently tax relief package for construction sector in order to restore economic activities. The package was also aimed to benefit 40 additional construction-linked industries. Besides, it was also aimed to generate more employment.
Highlighting the salient features, the FBR said that the tax reform package also allowed 90 percent tax reduction on investment in Naya Paksitan Housing Scheme.
Further, the package allowed fixed tax scheme with facility to pay tax liability in quarterly installments. Further, the incentive package offers easy and simple tax registration.
The FBR said that the government has granted concession in income tax and capital gain tax for builders and land developers.
Further, one time exemption of capital gain tax on sale/purchase of personal accommodation (up to 500 square yards house or 4000 square yards apartment).
The FBR said that the package extended exemption from requirement of withholding tax on building material and services (except steel and cement).