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

The Peca problem
15 Feb, 2025

The Peca problem

THE movement against the deeply problematic Prevention of Electronic Crimes Act and the recent amendments made to it...
Solar panels scam
15 Feb, 2025

Solar panels scam

THE scam involving over-invoicing to the tune of more than Rs69bn in the import of solar panels raises many ...
Miners in danger
15 Feb, 2025

Miners in danger

YESTERDAY’S devastating terrorist attack in Harnai, which killed at least 11 coal miners and injured seven others,...
Dangerous times
Updated 14 Feb, 2025

Dangerous times

Pakistan accounted for six journalist killings in 2024, of which three were deliberately murdered, according to the CPJ.
Difficult target
14 Feb, 2025

Difficult target

A ONE-two punch delivered by an unforeseen, sharp dip in inflation and an extremely slim base of taxpayers is...
Amazing show
14 Feb, 2025

Amazing show

PAKISTAN’S ability to turn it up at the flick of a switch remains uninhibited. The latest show came in...