KARACHI: The Sindh government has decided to abolish the collection of Capital Value Tax by amending the Sindh Finance Act to give incentives to the construction sector and develop industries related to the construction sector and 40 related industries, it was reported on Monday.
The Sindh government has also decided to give incentives to the construction sector for the promotion of economic activities in the province, especially in Karachi. Various tax concessions will be given to accelerate the growth of the construction industry and sale and purchase of property, while steps are being taken to facilitate business in the construction sector.
The Sindh government has drafted amendments to the Finance Act to abolish capital value tax on sale and purchase of immovable property and the proposed draft law will be tabled in the Sindh Assembly today (Monday) for consideration and approval. After the approval of the Sindh Assembly and the approval of the Governor, the collection of capital value tax will be stopped.