Property Tax Relief Package announced
Government of Punjab has announced a “Tax Relief Package” that exempts several property taxed including CVT & Stamp Duty. A package of PKR 18 billion worth was announced to defer the Property Tax on urban immovable property, suspension on taxes of construction services & reduced the Capital Value Tax & Stamp Duty from 6% to 2%. This step is taken to overall advance the construction as well as real estate industry in Pakistan post Covid-19.
As per news sources, in order to keep the economy wing swinging, property tax & professional tax has been postponed for the minimum period of 3 months. The Government Sales Tax (GST) on construction sector has also been deferred. In addition, HR services & other business services are also exempted from GST, making it zero from a whopping 16%.
The finance minister also said that they are working hard to create employment opportunities. Furthermore, the affectees of Covid-19 will surely cater in Fiscal year 20-21.
News Source: The News