Dr. Abdul Hafeez Shaikh chairs meeting to devise the modalities for implementation of fiscal stimulation package

Official News Press Information Department

Islamabad, April 03, 2020 (PPI-OT): Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting here at the Finance Division to devise the modalities for the implementation of the fiscal stimulation package today at the Finance Division. Adviser to PM on Commerce also participated the meeting.

 

The Prime Minister had earlier announced a Rs. 1200 relief package to give stimulus to the economy of the country. Different steps had already been taken in this regard already. Rs.100 billion tax refunds and the allocation of Rs 200 billion to provide relief to the daily wagers being the most recent ones. Continuing with the announcement of relief measures for the different sectors, today a package for the construction industry was announced.

 

The package involves giving status of industry to construction sector, fixation of tax rates for the construction industry, reduction in taxes (90%) for those who are involved with the provision of low cost housing facility under the Naya Pakistan Housing scheme and giving Rs. 30 billion subsidy for the low cost housing sector and withdrawal of withholding tax on certain construction materials. The package also involves the setting up of the “Construction Industry Development Board”.

 

The Construction Industry will become practically operational after the 14th of April so that the daily wager who are the most vulnerable of the population shall have work to earn a respectable earning for their families besides receiving a stipend through the Ehsaas program to supplement their incomes. In the meeting, a detailed deliberation was done on the overall impact of the pandemic on the economy, the emergency needs that may arise and the ways and means to best utilize the available financial resources with utmost transparency and maximum relief to the poor. The Adviser directed the participants to make the best use of their abilities for providing relief to the worst effected on priority basis.

 

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