Construction sector has only until Dec 31 to avail exemptions: PM Imran

Prime Minister Imran Khan has said that the construction industry has only until December 31 to avail exemptions and incentives announced by the government following the coronavirus outbreak in the country.

In April, the premier had announced tax amnesty scheme for realty sector, allowing people to invest their black money in the construction industry without disclosing source of income.

"Take full advantage of the incentives before December 31 [this year] because afterwards we will not able to provide all exemptions due to international obligations like FATF [Financial Action Task Force]," he said while addressing a media following the National Coordination Committee (NCC) meeting in Islamabad on Friday.

Pakistan, which was retained on the FATF grey list earlier this year, was given more time in April amid coronavirus crisis to submit its performance report on the implementation of the global watchdog’s remaining recommendations.

PM Imran said he has formed a committee to remove procedural hurdles in the constructions industry and to step up work on his government flagship project--Naya Pakistan Housing Scheme.

He said boosting construction activities will help the economy to revive which is currently facing recession due to the Covid-19 pandemic. "The entire world is under recession and this problem is not only limited to Pakistan."

Sharing details of the Naya Pakistan Housing project, the prime minister said government has allocated Rs30 billion subsidy for the construction of low cost housing scheme for the lower middle income segment.

"The government will provide Rs300,000 subsidy on each house sold under the Naya Pakistan Housing Programme."