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The proposed relief package for the construction sector has been delayed due to objections from the International Monetary Fund (IMF).
According to sources, the IMF has expressed concerns over the potential amnesty in the package, prompting the Prime Minister to issue instructions to the relevant authorities to address the IMF’s reservations.
According to sources, Federal Minister Ahad Cheema has been assigned the task of a new package for the construction sector, and he will restructure the relief package. A briefing on this will be given during the IMF review mission’s visit to Pakistan next month.
The task force has proposed to allow non-filers to purchase property worth Rs 5 million, while filers have been recommended to eliminate an 8% tax on property purchases. In addition, it has also been proposed to eliminate the 3% federal excise duty on property purchases.
According to sources, the FBR has reservations about some of the task force’s proposals. Ahad Cheema has been instructed to complete the work to address the concerns of the FBR and the IMF.
The task force is of the view that the promotion of the construction sector will increase employment and accelerate the pace of economic growth.
