ISLAMABAD: The construction sector drew the main focus of the government as the common man as well as builders were given a major relief in the Federal Budget 2023-24, unveiled by Minister for Finance and Revenue, Ishaq Dar in the National Assembly on Friday.
The minister said that keeping in view the importance of the construction sector in economic development, the government had decided to facilitate the common man and builders in the construction of houses and buildings.
“Around 40 industries are linked with this sector (construction). The construction enterprise will be given either a 10 per cent or five million rupees concession or which be less of the two for the next three years.
“And the individuals, constructing their own buildings will be provided 10 per cent tax credit or one million rupees concession, or which will be less of the two.
“The concession will applicable on the projects, commencing from July 1, 2023 and afterwards,” the minister added.
Federal Minister for Finance and Revenue Senator Ishaq Dar on Friday presented the federal budget for Fiscal Year 2023-24 with a total outlay of Rs14.5 trillion.
Ishaq Dar maintained that the Pakistan Democratic Movement (PDM) government was taking ‘corrective measures to bring the economy back on track’ after PTI disaster. “By the help of Almighty Allah, the government saved Pakistan from getting default and exposed conspiratorial elements,” he added.
“Current account deficit decreased drastically during fiscal year 2022-23,” he said, adding that the incumbent government adopted “austerity measures” to reduce the deficit.”
“The current government significantly reduced unnecessary expenditure”, the minister said, adding that despite a huge increase in interest payments, the fiscal deficit was decreased.
Ishaq Dar noted that the “PTI’s selected government prioritised political interests over national”, adding that the people of Pakistan know who “tried to save the country and who pushed it towards destruction”.
The finance minister pointed out that the country has faced major economic problems due to floods.
