Rs63bn construction projects enrolled under amnesty scheme

Published October 21, 2020
The Federal Board of Revenue (FBR) on Tuesday said that 127 projects worth Rs63 billion were registered with the tax department under Prime Minister’s Package for Construction Sector. — File
The Federal Board of Revenue (FBR) on Tuesday said that 127 projects worth Rs63 billion were registered with the tax department under Prime Minister’s Package for Construction Sector. — File

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday said that 127 projects worth Rs63 billion were registered with the tax department under Prime Minister’s Package for Construction Sector.

In addition, a total of 108 persons are also in the process of registering 114 projects at a projected cost of Rs109bn under the amnesty scheme.

So far, 61 projects from Karachi were registered, followed by 44 in Lahore, Islamabad 30, Rawalpindi 19, Faisalabad 10 and rest from other cities. The last date for registering projects under the scheme is December 31, 2020.

An official announcement said PM’s incentive scheme for builders and developers is now picking-up pace and received great interest from the construction industry.

The tax benefit scheme offers a lucrative package to both builders and developers as well as the public at large who are planning to buy plots and new housing units. Subject to fulfilment of certain conditions in law, the Federal Board of Revenue shall not question source of funds of builders, developers, and 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.

Published in Dawn, October 21st, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Provincial share
Updated 17 Mar, 2024

Provincial share

PPP has aptly advised Centre to worry about improving its tax collection rather than eying provinces’ share of tax revenues.
X-communication
17 Mar, 2024

X-communication

IT has now been a month since Pakistani authorities decided that the country must be cut off from one of the...
Stateless humanity
17 Mar, 2024

Stateless humanity

THE endless hostility between India and Pakistan has reduced prisoners to mere statistics. Although the two ...
Moving away
Updated 16 Mar, 2024

Moving away

The sole objective of the government’s development vision should be to evolve sound policies for private investors and regulate markets to protect consumers.
Privacy in danger
16 Mar, 2024

Privacy in danger

DURING a recent Islamabad High Court hearing, revelations about the ease of mobile phone hacking in Pakistan have...
The polio problem
16 Mar, 2024

The polio problem

IT is a tragedy that could have been prevented. Six months after researchers at the National Institute of Health’s...