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Islamabad: Government proposes exemptions for developers of low-cost projects

Islamabad: According to a recent news report, the government has introduced several exemptions for realtors that finish low-cost housing projects before June 2024. These recommendations are included in the Income Tax (Amendment) Bill, 2021, which Finance Minister Dr Abdul Hafeez Shaikh recently submitted to the Senate.

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Other policies include streamlining charitable organisations (NPOs), providing exemptions to hydropower IPPs and oil refineries that sign a contract with the government before June 2021, and limiting borrowing from international multilateral organisations and nations.

The Income Tax (Amendment) Bill, 2021, includes a total of 80 amendments introduced by the parliament. According to Dr. Shaikh, the government wants to abolish some income tax concessions to raise more revenue.

Read More: Numerous banks sign low-cost housing finance agreements with PMRC

He also reported that the federal cabinet has authorised the establishment of an autonomous State Bank of Pakistan (SBP), with its governor reporting to the parliament and other related state institutions.

For more details, visit our website Property News.

 

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