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Relief for Construction Industry, Finance Bill 2020 aproved in National Assembly

Islamabad: The federal government has introduced additional provisions in the Finance Bill 2020 to further provide relief for the construction industry and other sectors of the economy before the final vote takes place on Monday (June 29).

Of the various measures introduced for the construction sector, one includes an additional reduction in the Federal Excise Duty (FED) for cement, from Rs1.75 per kg to Rs1.5 per kg in the budget. In the initial announcement, the proposed reduction had been from PKR 2 per kg to PKR 1.75.

The government has further proposed an income tax exemption for the Naya Pakistan Housing and Development Authority. The authorities have also decided to allow limited liability companies to avail the construction-related tax amnesty.

Additionally, the government has extended the withholding income tax and sales tax exemptions on the supply of sand, stone crush, clay, and mud goods, as well as for the daily wagers, artisans, plumbers, and electricians working in the construction sector. However, the people providing these goods and services will still have to submit their CNICs.

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