Punjab finance minister announces tax deferment on various services, sectors | Pakistan Today

Punjab finance minister announces tax deferment on various services, sectors

LAHORE: Provincial Finance Minister Makhdoom Hashim Jawan Bakht on Monday announced that sales tax on all services affected in the crisis due to the pandemic, such as medical consultancy and other hospital services had been suspended under the tax relief package worth more than Rs18 billion.

The Punjab finance minister disclosed this in a meeting regarding the rehabilitation of people hit hardest by the crisis as well as a briefing on the tax relief package.

The minister added that sales tax deferment facility would also be extended to services of construction sector so that economic wheel could be kept on the move.

“Similarly, property tax on immovable urban property and infrastructure development cess had also been deferred,” he maintained.

Jawan was of the view that since real estate and construction sector had an eminent role in improving the economy and elimination of unemployment, capital value tax (CVT) on sale and purchase of properties and stamp duty were also being cut by two per cent under the Punjab Economic Stability and Rehabilitation Package.

The provincial minister mentioned that in an effort to facilitate the common citizens, there would be zero tax on all online services including daraz, foodpanda and zameen.com, which would benefit online businesses as well.

Likewise, no tax would be levied on services aimed at improving human resources, while all businesses closed down in the lockdown could also take advantage of this facility on their reopening once the corona-generated economic crisis is over.

Jawan said that the provincial government was well aware of the difficulties of business doing people and assured that all sectors and services playing a role in the economic revival would be facilitated in the next provincial annual budget.