Punjab allows large textile, pharma, other units to operate
In a move towards relaxing the lockdown, the Punjab government on Saturday allowed some large industries to open but with limited staff and necessary precautionary measures.
According to a notification, the textile, pharmaceutical, sports goods, surgical and medical equipment, fruit and vegetable processors, meat and meat products, and auto parts industries can start operating in the province.
As a result, 36 textile, 10 sports, seven surgical, three auto parts, 25 pharmaceutical and seven fruits and vegetable units would start working soon.
The notification follows Prime Minister Imran Khan’s announcement on Friday about a huge package for the construction sector, saying that it would start working from April 14.
He had stressed the need for restarting the economic activities, saying the country was facing the dual threat of coronavirus and hunger.
The salient relaxations announced for the construction sector mentioned that the investors won’t be asked about their source of income if they invest money during the current year.
Moreover, all the taxes have been abolished and replaced by a fixed tax – to be charged on the basis of square yard/ square foot. Even then they will have to pay only 10 percent of the tax amount if the investment is made in the Naya Pakistan Housing Scheme.
Also, the withholding tax has been abolished on all industries except steel and cement.
Efforts would also be made to reduce the sales tax and there won’t be any capital gain tax on selling a house, while a subsidy of Rs30 billion has been announced for the Naya Pakistan Housing Scheme.
The government has also declared the construction sector industry and will establish Construction Industry Development Board.