Taxes on residential schemes reduced by 90pc: Minister

PESHAWAR: Khyber Pakhtunkhwa Minister for Housing, Dr. Amjad Ali Friday said that Prime Minister Imran Khan has reduced taxes on residential schemes for low income and middle class by 90%.

In a statement issued here, he said that Prime Minister Imran Khan has announced a revolutionary package for construction and housing sectors and has extended subsidy in 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.

Furthermore, he said that under the Prime Minister’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 provincial minister for housing said that a huge amount of Rs 378 billion has been allocated for construction sector till December 2021 and beside a a subsidy of Rs 30 billion the period of fixed tax for construction sector industries has also been extended for another year.

Amjad Ali said that due to keen interest of Prime Minister Imran Khan in construction industry, extension of full support and commitment for removal of all hurdles would make the construction of houses for lower middle and middle classes easy.

He attributed the ongoing increase in the demand of cement and steel in market is a reflection of accelerated development of construction sector.

Expressing satisfaction over facilitation and provision of relief to construction and particularly to housing sector, the provincial minister said that the housing sector projects will not only benefit lower income class and those lacking houses, rather will also ensure generation of employment opportunities and usher socio-economic uplift in the country.