PESHAWAR: Khyber Pakhtunkhwa Minister for Housing, Dr. Amjad Ali has said that Prime Minister Imran Khan’s government reduced taxes on residential schemes for low income and middle class by 90 percent.
Dr. Amjad said that under the PM’s special relief package, the housing sector investors have been exempted of showing their sources of income till June 30, 2021, and low-cost houses will also get bank finances.
The minister said that PM Imran Khan has announced a revolutionary package for construction and housing sectors and has extended subsidy in the head of house constructions for low income and middle class, adding now they will not pay 5% and 7% tax on their 5 and 10 marla houses for the period of next five years.
A huge amount of Rs 378 billion has been allocated for the construction sector till December 2021 and besides a subsidy of Rs 30 billion the period of fixed tax for construction sector industries has also been extended for another year, he added.
Amjad Ali said that due to the keen interest of Prime Minister Imran Khan in the construction industry, an extension of full support and commitment for removal of all hurdles would make the construction of houses for lower-middle and middle classes easy.
The provincial minister attributed the ongoing increase in the demand for cement and steel in the market is a reflection of the accelerated development of the construction sector.
He said that the housing sector projects will not only benefit the lower-income class and those lacking houses, rather will also ensure the generation of employment opportunities and usher socio-economic uplift in the country.
