Construction amnesty scheme attracts 40 enrollments

Updated 14 Aug 2020

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Around 4,812 projects are being drafted for registration with the IRIS System. — Reuters/File
Around 4,812 projects are being drafted for registration with the IRIS System. — Reuters/File

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday said that around 40 projects have been registered under the amnesty scheme for construction sector.

In addition, around 4,812 projects are being drafted for registration with the IRIS System.

An official announcement said that the FBR has received an impressive response from builders, developers and taxpayers on the construction package. One purchaser has also submitted a declaration to the FBR whereas 279 purchasers are preparing drafts in the IRIS System.

According to the statement, the response from the business community is highly encouraging and demonstrates people’s confidence in the scheme.

The federal government, in an effort to ensure all possible facilitation for builders and developers desirous of availing the fixed tax scheme, has taken various special initiatives.

Tax benefit scheme given by the government offers a lucrative package to both builders, developers and the public at large who are planning to buy plots and new housing units. Subject to fulfilment of certain conditions in law, the FBR shall not question source of funds from builders, developers, or purchasers of housing units and plots.

Besides that, builders and developers falling under the scheme can avail the benefit of payment of fixed tax as delineated in the Income Tax Ordinance, 2001. Towards this, the FBR had created an online project registration system in May to facilitate taxpayers.

Additionally, online support has also been made available through setting up of a dedicated web-page, step-by-step guide and video tutorials, a dedicated email address to facilitate correspondence between FBR’s Policy Wing and builders and developers seeking assistance, and a list of comprehensive frequently asked questions received from various quarters.

Published in Dawn, August 14th, 2020