50 Lac Houses Project – Decided to get benefit from Tax Policy
Islamabad – Government of Tehreek e Insaaf, has made decision to take benefit of the Tax Policy introduced for the mortgage Financing Industry by Pakistan Muslim League Nawaz’s era for Imran Khan’s 50 Lac Houses.
For this, mortgage financing Industry will be made and for the production of the easy loan, by the help of the World Bank, made by the State bank, Pakistan mortgage Re finance company (PMRC) will be activated that will with the Naya Pakistan Housing Authority will condition the easy loans for the construction of the Houses. Sources say that to help the Low income people for the construction of the houses, sukuk bonds will also be activated by Pakistan mortgage Re-finance Company. Sources say that, previous government in this fiscal year, by the finance act, 1st of July 2018, for the providence of easy loans, Pakistan mortgage Re-finance companies issued sukuk bonds with other Debt securities will not be taxed for upcoming 5 years.
While, Pakistan mortgage Re-finance company’s issued sukuk bond and other Debt securities’ selling’s ‘capital gain will not be taxed for the upcoming 5 years. In speaking of this issue, by the FBR senior officer told the Express that by the previous Government’s finance act 2018, Income Tax ordinance 2001, two other clauses have been added because of which this relief is being given. Pakistan Mortgage Re-finance Company, residential Housing, issued by mortgage, the sukuk bonds and other debts’s gained profit will be tax free till next 5 years.
By FBR, Pakistan mortgage Re-finance company’s issued sukuk bonds and on selling of other debt securities ‘ capital gains holding period will be made and after the given time, the sold debt securities’ capital gain will not be taxed. And tax amount will be made for the debt sold within the given dates. By this step, Peoples will be able to access the loan easily and by introducing this scheme, the ownership policy of the houses will be promoted. Other than this, Property developers, will also be appreciated and Real Estate sector will be promoted and the employment opportunities will also be promoted.