ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar on Friday said the minimum tax on builders for construction and sale of homes and other buildings would be exempted till June 30, 2018.
Presenting the budget speech, he said that the government has announced incentives for encouragement of construction sector and under this people are allowed for 50 percent or Rs. 10,00,000 deduction of mark up on loans from banks and other revenue departments for construction and sale of houses.
He said that the government is committed to give relief to Real Estate so in this regard import duty on Lorries, Cranes and Trucks under use of companies registered with Security and Exchange Commission of Pakistan and Pakistan Engineering Council has been reduced from 30 to 20 percent.
For reducing construction cost, sales tax on bricks and concrete has been exempted till June 30, 2018.
To facilitate housing sector, Capital gain on sale of land under housing schemes has been exempted from income tax till June 30, 2018.
The income tax on dividend of schemes developed under Real Estate Investment Trust established till June 30, 2018 would be reduced to 50 percent.