KARACHI: The incentive package for construction industry promulgated through a Presidential Ordinance has been incorporated in the Finance Bill, 2020.
The President of Pakistan promulgated the Tax Laws (Amendment) Ordinance, 2020 (‘Amendment Ordinance’) on April 17, 2020 for the Construction Industry to give effect to the incentive package earlier announced by the Premier on April 3, 2020.
In order to validate and give legislative effect to the Amendment Ordinance (being a Presidential Ordinance) which would have otherwise expired after 120 days from the date of promulgation, the amendments made through the same have now been incorporated through the Finance Bill, 2020.