Construction Industry Gets Significant Boost in Budget for FY2023
During his address to the National Assembly, Ishaq Dar, Minister of Finance and Revenue, emphasised the construction industry as a focal point of the Federal Budget 2023–24.
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The government sought to significantly relieve both the general population and the building industry.
In addition, the government decided to help regular people and builders since it understood the importance of the building sector to economic development.
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40 additional industries are connected to this one. It is important to note that for the next three years, construction companies would receive a discount equal to 10% of their yearly income, or Rs 5 million, whichever is less.
Anyone who is creating their own buildings will also be able to take advantage of a 10% tax credit or a concession of Rs 1 million, whichever is smaller. For projects starting on or after July 1, 2023, these savings will be available.
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