Islamabad: The Federal Board of Revenue (FBR) and the Naya Pakistan Housing Development Authority (NPHDA) recently reminded the general public and the investors associated with the construction sectors that Prime Minister Imran Khan’s construction package for builders and developers was ‘in full swing’ — ahead of the initiative’s expiration on December 30, according to a news source published on December 4.
Under the Tax Laws (Amendment) Ordinance, 2020, attractive tax incentive packages with a vast scope were offered to the country’s builders and developers. These groups (whether individual or association of persons and companies) could avail these incentives for both new and existing construction and real estate development projects.
These tax incentives were offered to mobilise investment and invite buyers and developers to invest in real estate with complete immunity from any investigations regarding the sources of investment. To avail this package, interested developers and builders are required to register on FBR’s IRIS software on or before December 31 — with the projects to be completed by November 30, 2022.
Reportedly, 348 registrations for 389 projects have been accomplished so far — bringing in an accumulative investment of PKR 157 billion. Now that the deadline is approaching, the number of these registrations has also been gaining momentum.