On Friday (3^rd of April) Prime Minister of Pakistan, Imran Khan promoted the construction sector status to industry. He also announced several incentives for investors, builders and developers. He elaborated that government is trying the mitigate the economic impact of novel coronavirus outbreak.

During the conference, PM said that government will establish the Construction Industry Development Board that will address concerns and issues related to the construction industry. He clarified that those Industries that are related to Construction Industry will continue to operate during the lockdown.

Main incentives announced by PM includes:

• Government will not question about the source of income invested in the construction sector
• Fix taxation will be charged to the construction sector, and the tax on developers will be charged on per square foot or per square yard basis
• 90% of the tax will be waived of by the Government if someone is carrying out construction in Naya Pakistan Housing Scheme
• No withholding tax will require to be paid on purchase of materials related to construction except for steel and cement
• Sales tax on services of developers will be reduced in consultation with provinces
• No capital gain tax will require to be paid by families selling their housing
• Government will pay Rs. 30 billion as subsidy to Naya Pakistan Housing Scheme
• Onwards, industry status will be granted to the construction sector and Construction Industry Development Board will be setup to support the issues related to it

How these incentives will benefit the stakeholders of the industry and economy of the country? This question will be answered in later days.