Islamabad: The Federal Board of Revenue (FBR) reported that with December 31 (today) being the deadline for Prime Minister’s construction amnesty scheme, as many as 330 projects of worth PKR 121 billion have been registered with the board, according to the news sources.
It was also revealed that registration of some 218 tentative projects with an investment estimate of PKR 88 billion is also in the works. Reportedly, as many as 3,627 buyers have expressed an interest in purchasing these properties by availing the tax incentives announced by the government for the construction sector, with an indicative investment of PKR 226 billion before the expiration of the deadline.
All the builders and developers who wish to avail this construction amnesty scheme are required to get registered on computer-based IRIS software of FBR on or before December 31, 2020, and deliver complete projects before September 30, 2022.
Reportedly, tax officials and the government higher-ups are mulling an increase in the duration of this package (until June 2021) to allow a bigger number of indicative real estate projects, buyers and builders to get registered.
Moreover, the FBR data break-up until December 30 shows that 183 projects with an estimated development cost of PKR 96 billion were registered permanently with the board. Besides, 147 projects are temporarily submitted with the board with an indicative investment of PKR 25 billion.
Under the government scheme, complete immunity from the probe into income sources has been offered to the builders/developers and investors of the properties of such projects (subject to fulfilment of certain conditions), in a bid to mobilise investment.