Ishaq Dar, Minister of Finance and Revenue, highlighted the construction industry as a focus point of the Federal Budget 2023–24 during his presentation to the National Assembly.
The government aimed to give significant relief to the general public and builders involved in constructing structures.
Furthermore, the government made the decision to support the average person and builders because it recognised the building industry’s critical contribution to economic growth.
This sector is interconnected with 40 other industries. It is pertinent to state that the construction businesses will be given a concession for the following three years equal to 10% of their annual revenue or Rs 5 million, whichever is less.
A tax credit of 10% or a concession of Rs 1 million, whichever is less, would also be available to anyone who is developing their own buildings. These reductions will be available for projects beginning on or after July 1, 2023.
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