The Sindh government Monday announced to abolish Capital Value Tax (CVT) on properties bringing good news for the people of Sindh, 24NewsHD TV channel reported.

The TV channel reported that abolishment of Capital Value Tax (CVT) will boost the construction industry and real estate sector.

The Sindh government said this incentive for the construction sector will directly benefit 40 related industries.

It is pertinent to note that Capital Value Tax (CVT) is levied on lease, sale and transfer of immovable properties.

The Sindh government has decided to amend The Sindh Finance Bill, 2019, to abolish CVT that will be approved by the Sindh Assembly and will be implemented only after Governor's approval, the TV channel reported.