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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.