Rs30bn subsidy announced for Naya Pakistan Housing Project

ISLAMABAD: The government has announced a special package for the construction sector that includes an amnesty scheme, tax exemptions and a Rs30 billion subsidy for the Naya Pakistan Housing Project, according to the Pakistan Economic Survey (PES) 2019-20.

The move is also expected to benefit other industries associated with the construction sector and generate employment in the country. 

Additionally, a stimulus package has also been introduced to stimulate the Covid-19 hit economy of the country. 

According to the package, export-oriented industries would be given Rs100 billion worth of tax refunds and their interest payments will be deferred. 

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The government is providing a series of subsidies and incentives to the industrial sector, the survey noted. 

These include subsidies to the industry for electricity and gas and an export development package. 

Additionally, the Economic Coordination Committee (ECC) has approved a Rs50.7 billion package to provide indirect cash flow support to the small and medium-sized enterprises (SMEs) through pre-paid electricity bills for the period of May-July 2020. 

This package is expected to benefit around 3.5 million small businesses.

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