KARACHI: The Sindh Assembly on Monday passed Sindh Finance Act (Amendment) Bill 2020 to abolish the Capital Value Tax, ARY News reported on Monday.
The government of Sindh had earlier introduced amendment in the Sindh Finance Act, in the assembly to give incentives to the construction industry and the real estate sector.
The government’s decision to give incentives to the construction sector is expected to promote the construction sector and 40 related industries, boosting economic activities in the province.
Capital Value Tax levied over Immovable property transactions. The abolition of the tax will benefit the construction industry, the real estate sector, and other related businesses generating job and and business opportunities for people.
The government has decided to abolish the Capital Value Tax by Sindh Finance Act. The legislation for amendment in finance act has been tabled in the provincial legislature.
Sindh Finance Act (Amendment) Bill 2020 after being passed in the assembly will come into effect with the signing by the governor.