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Construction industry relief package to double documented economy’s size: experts

Islamabad: A relief package announced by Prime Minister (PM) Imran Khan for the country’s construction sector is expected to double the size of the documented economy, the news source reported.

Read: Govt to launch a loyalty programme for overseas Pakistanis

Experts have referred to the said package as a ‘game’ changer for the industry. They also believe that the incumbent government’s promise of generating 10 million jobs will also be fulfilled through this initiative.

Commenting on the package, Lake City Founder Gohar Ijaz expressed hope that it will help activate nearly 50 sectors. He said that economic activity is returning to Pakistan and construction work has begun around the country. He added that the target of constructing five million homes is not a huge one to give the right circumstance. He felt that this will also help raise the country’s GDP.

He said that the Lahore Development Authority (LDA), the Association of Builders & Developers (ABAD) and other stakeholders had been working since the last 18 months to draft the relevant proposals –recently announced by the government.

Read: https://estate4u.pk/mou-signed-for-telemedicine-services-in-reproductive-health-family-planning/

The experts have also expressed hopes that the government’s tax revenue will rise due to the greater documentation of the economy.

Govt to launch a loyalty programme for overseas Pakistanis

Islamabad: The government has announced its decision to introduce a comprehensive loyalty programme in a bid to provide incentives to overseas Pakistanis sending remittances through legal channels, a news source reported.

Read: President promulgates Tax Laws Ordinance 2020 for the construction industry

Under the said initiative, the executive aims to provide concessions to overseas Pakistanis who send remittances on a regular basis. In addition to issuing loyalty and debit cards to these individuals, the government will launch a special app for expatriates.

The school fees for the children of the overseas Pakistanis who are a part of the loyalty programme will be reduced by half in OPF schools and colleges. Such overseas Pakistanis will also have special quotas in housing schemes.

Read: MoU Signed For Telemedicine Services In Reproductive Health, Family Planning

The authorities are also considering several other proposals to provide concessions and incentives for Pakistanis using legal means to send remittances to Pakistan. A high-level committee has been formed to further review proposals for the programme.

President promulgates Tax Laws Ordinance 2020 for the construction industry

Islamabad: President Arif Alvi recently promulgated the Tax Laws Ordinance 2020 for the country’s construction industry; wherein the government has introduced a number of tax amendments for local developers and builders, a news source reported.

Read: https://estate4u.pk/mou-signed-for-telemedicine-services-in-reproductive-health-family-planning/

Previously, the federal cabinet had provided its approval to the said revisions, which include:

A fixed-tax regime where applicable dues will be calculated on per square feet/square yard bases
Exemption of construction services from withholding tax. These include plumbing, electrification, shuttering, and allied services other than those provided by companies
Exemption of building materials (except cement and steel) from withholding tax
90% reduction on taxes applicable on investments made in affordable housing schemes launched under the Naya Pakistan Housing Authority (NPHA). This condition applies to projects launched before December 31 of the going year as well as ongoing projects registered with the NPHA
10 times more profit-credit with respect to the taxes builders and developers pay
New and ongoing projects registered on the IRIS portal of the Federal Board of Revenue (FBR) will be able to avail tax cuts notified by the government
Ongoing projects will reveal completion ratio and pay taxes for the work remaining as per the new fixed tax regime
Dividends paid to shareholders by the companied will be exempt from taxes
No capital value tax (CVT) applicable within the jurisdiction of the federal capital – based on the model being followed by Punjab and Khyber Pakhtunkhwa (KP)
Advance tax on property sales reduced from 10% to 5%
Machinery imported for construction and land development purposes will have access to same facilities as other industries
Personal residences to have one-time exemption from capital gains tax – 500 square yards for house and 400 square metre for apartments
The Income Tax Ordinance 2001’s Section 111 will no longer apply to amount invest by shareholders and partners in limited liability partnership with builders’/developer’s/association of persons if the capital is invested or the land is transferred before or on December 31
The first purchaser of newly-constructed buildings of a project shall be exempt from the provisions of Section 111 if the purchase is carried out on or before September 30, 2022
The immunity will not apply to any public officer holders, their benamidar spouse, or dependents; and on investments derived from the commission of a criminal offence such as money laundering and terror financing
Listed public companies and real estate investment trusts cannot avail the immunity Section III offers
To avail Section III immunity, new companies and association of persons must register before December 31, 2020
Cash investment should be transferred to companies and association of persons by December 31 via cross-banking instrument
Money invested in projects under this schedule where explanation of source is not available with the person investing shall be put in a designated bank account of the person on or before December 31
Special provisions for developers and builders who opt for assessment based on income, profits, and gains from projects initiated between the date of this ordinance’s promulgation and December 31 and reach completion on or before September 30 of the going year
Individuals registered under this initiative will be required to submit their registration forms and the irrevocable option for assessment under the new schedule against each project to the IRIS portal on FBR’s website by December 31, 2020, or within 30 days of setting up the project – whichever is earlier
Builders/developers availing the new scheme shall electronically file their income returns and wealth statements
Income returns and wealth statements filed may be subject to revision without the approval of the commissioner within 60 days

MoU Signed For Telemedicine Services In Reproductive Health, Family Planning

LAHORE– The telemedicine centers established to provide free online consultation to the public in the wake of THE coronavirus pandemic, will now also provide consultation on reproductive health with a special focus on maternal, neonatal and child health (MNCH).

A tripartite agreement was signed in this regard, on Monday, between the University of Health Sciences (UHS), the Punjab Population Innovation Fund (PPIF) and the Women Chamber of Commerce and Industry (WCCI).

UHS VC Prof Javed Akram, PPIF chief executive Jawad Ahmed Qureshi and WCCI president Lubna Bhayat were the signatories.

The agreement envisaged the provision of healthcare delivery especially reproductive health and family planning through telemedicine facilities across the province.

“These are difficult times but one needs to find opportunity in every difficulty,” said Prof Javed Akram, adding that telemedicine was the best method available to the public for approaching doctors in days of lockdown to avoid infections.

He further said that varsity intended to increase outreach and accessibility of the telemedicine services, especially to marginalized and venerable groups.

Highlighting the achievements of his organization, PPIF chief Jawad Ahmad Qureshi said that the agreement would provide support on maternal and newborn health to people living in remote areas of the province.

He was of the view that telemedicine was an excellent resource for providing quality clinical management to women at risk of poor pregnancy outcomes in geographically remote areas. He added that efficient utilization of the network for timely and appropriate care could pervert emergency.

WCCI president Lubna Bhayat said that telemedicine had so far proved to be a very effective and economical method of healthcare provision in days of Covid-19 pandemic. She attributed the success to UHS.

A training session was later organized by PPIF for doctors working in telemedicine centers that was facilitated by Dr. Aneeqa Mohammad and Ali Imran. Dr. Shehla Javed Akram, Prof Nasir Shah, and Amna Akhsheed also attended the session.

COVID-19 Relief: IMF approves USD 1.4 bn aid; G20, WB sanction debt assistance

Islamabad: The International Monetary Fund (IMF) on Thursday approved a package of USD 1.4 billion in COVID-19 relief aid for Pakistan in a bid to help the country confront the economic impact of the prevailing pandemic, a news source reported.

Read: Corona Tiger Force registrations for overseas Pakistanis to start this month

The fund took the decision of providing additional aid to Pakistan during its executive board meeting in which the global creditor approved the loan to improve Pakistan’s foreign exchange reserves and boost the budgetary support against the economic slump caused by the COVID-19 breakout.

Read: Ramzan Relief Package: Govt announces PKR 2.5 bn subsidy on essential items

Prime Minister (PM) Imran Khan lauded the relief measures granted by the World Bank, IMF, and the G-20 countries for the world’s developing nations, including Pakistan. As per reports, the Adviser to Prime Minister on Finance and Revenue Affairs Dr Abdul Hafeez Shaikh informed the premier about the additional USD 1.4 billion aid by IMF and the progress on the economic stimulus package.

Read: DHA Multan resumes development work

Pakistan had submitted a request to IMF last month for a fast-disbursing, low-cost loan under its Rapid Financing Instrument (RFI) to counter the negative impact of COVID-19. Additionally, Pakistan had also requested China and its other creditors to announce debt relief packages for the country.

Corona Tiger Force registrations for overseas Pakistanis to start this month

Islamabad: The Ministry of Overseas Pakistanis & Human Resource Development (OP&HRD) is set to begin the registrations process for expats to join the Corona Tiger Force this month, a news source reported. The registrations will begin after April 18 to enable overseas Pakistanis to help their fellow citizens stranded abroad due to the ongoing pandemic situation.

Read: Ramzan Relief Package: Govt announces PKR 2.5 bn subsidy on essential items

In this regard, Special Assistants to Prime Minister (PM) Muhammad Usman Dar and Sayed Zulfikar Abbas Bukhari held a meeting. They discussed the duties to assign to the overseas corona tiger force before the initiation of the registration process.

The overseas corona tiger force will

Collect data of unemployed Pakistani expatriates
Provide rations among stranded Pakistanis
Collaborate with representatives of Pakistani consulates and embassies

The OP&HRD is expected to finalize the duties for the overseas tiger force by April 18. The ministry will also be launching a web portal for starting the registration process.

Read: DHA Multan resumes development work

During the meeting, Bukhari also requested Usman Dar to extend support to returnees who were now jobless under the Kamyab Jawan Programme. He added that a list of such individuals would soon be forwarded to the Youth Affairs Office.

Ramzan Relief Package: Govt announces PKR 2.5 bn subsidy on essential items

Islamabad: The federal government has announced a subsidy of PKR 2.5 billion on essential food items under its Ramzan Relief Package 2020 for underprivileged citizens, a news source reported.

Read: DHA Multan resumes development work

The new rates came into effect, on the items available in the utility stores, from April 17. Utility Stores Corporation (USC) Managing Director (MD) Umar Habib Khan Lodhi revealed the subsidy to continue till Eid. He also said of opening 200 more utility stores after Ramzan.

Under the said Ramzan relief package, the government has subsidized 19 essential food items including dates, rice, tea, pulses, flour, sugar, cooking oil, milk, spices and more. The government has also issued the newly-subsidized rates for each item.

Read: Construction Sector Relief Package Ordinance approved

Furthermore, the government has also ensured items of good quality (at the subsidized rates) for the public under this package.

DHA Multan resumes development work

Multan: The administration of the Defense Housing Authority (DHA) Multan has announced the resumption of the project’s construction activities from today (April 16) onwards – keeping in step with the government’s recent ‘select industries’ reopening’ notification issued to this effect, according to news sources.

Read: Construction material stores reopen; new rates issued

The DHA Multan has notified that it will resume limited construction-related operations from 9 AM to 3 PM from today (Thursday).

Following the federal government’s announcement, the Government of Punjab announced a lockdown extension to April 25 and reopening of the ‘low-risk’ businesses including the construction sector – provided they operate under the provincial government-issued operating procedures (SOPs).

Read: SBP asked to provide easy loans to small businesses

As per reports, this step has been initiated to facilitate the laborers and daily wagers in the country, hard-hid by the coronavirus pandemic. The businesses being opened are stand-alone shops that do not require supply chains like plumbers, carpenters, electricians, tailors, veterinary services, real estate, and property dealers.

Construction material stores reopen; new rates issued

Lahore: Shops selling construction materials reopened this week after a closure of 23 days in line with the government’s announced relief efforts for the construction sector amid the ongoing coronavirus lockdown, a news source reported. The authorities concerned have also issued new rates for the said materials.

Read: COVID-19 relief measures: KP allocates PKR 13 bn for daily wagers

Construction materials have seen a prices hike as supply became limited during the lockdown imposed for controlling the spread of COVID-19 in the country. Previously, sources revealed that the new construction material rates were expected to take effect from April 15, after the partial lockdown took effect.

As soon as the shops reopened, builders have reportedly noticed an increase in prices of the construction materials. According to sources, the new rates are as follows:

Gravel – PKR 60 per foot
Bricks – PKR 11.50 per piece
Cement – PKR 500 per bag
Sand – PKR 500 per trolley

Read: SBP asked to provide easy loans to small businesses

Furthermore, shop owners highlight that the rates have increased owing to limited supply. Meanwhile, the laborers and daily wagers have seen a revival in work due to the reopening of the construction sector. As per the government-issued SOPs, the shop owners and laborers would have to use masks and sanitizers.

COVID-19 relief measures: KP allocates PKR 13 bn for daily wagers

Mingora: The Government of Khyber Pakhtunkhwa (KP) has notified allocating PKR 13 billion for daily wage workers, according to a news source. Chief Minister (CM) Mahmood Khan revealed that this package was designed to cater to individuals not covered by the federal government’s Ehsaas Programme.

Read: SBP asked to provide easy loans to small businesses

These people, who form about 43% of the province’s population, will receive this relief till the month of Ramzan. In addition, he stated, the remaining disenfranchised communities will be helped using the provincial Zakat fund. He urged the province’s residents to follow all social distancing protocols and reiterated that lockdown measures were there for public safety.

Read: Punjab approves direct aid for the needy under Ramzan relief package

The CM made these statements after inaugurating a Coronavirus testing laboratory at Saidu Group of Teaching Hospital. Federal Minister for Communication Murad Saeed and various government officials were also present at the occasion.

Speaking at the event, Saeed expressed his appreciation for the efforts of healthcare workers, police, and journalists against the spread of the COVID-19 pandemic. He, along with the CM, also inaugurated a Rescue 1122 station and visited an Ehsaas Programme cash distribution centre in Kabal Tehsil.