Islamabad: The government is expected to extend the deadline for availing incentives under the ambitious construction industry relief package; announced in April to regularize benami properties and assets throughout the country. According to the details revealed, the executive is expected to stretch the last date beyond December 31.
Moreover, stakeholders (including lawmakers and real estate developers) have sought another extension in the deadline previously notified for completing all construction projects sanctioned under said scheme. The current deadline will expire on September 30, 2022, but the federal cabinet is expected to review the proposed June 2023 expiration date.
According to reports, over 125 housing projects have registered themselves with the Federal Board of Revenue (FBR); declaring PKR 162 billion worth of previously undisclosed assets to the taxation agency, and about 108 developers are currently undergoing the process for registering 114 real estate initiatives at a projected cost of PKR 109 billion.