Islamabad: The Federal Board of Revenue (FBR) has announced that as many as 1,083 construction projects of an accumulated worth of PKR 340 billion have been registered under the government’s amnesty package for the construction industry (announced by Prime Minister Imran Khan in April 2020), according to news sources.
Reportedly, another 292 tentative projects with an indicative investment of PKR 43 billion are also in the process of being registered under the package. Moreover, some 3,851 buyers have expressed an inclination to purchase properties by availing tax incentives for the construction sector till May 6. Under the scheme, the builders and developers are required to get registered on the board’s IRIS software on or before June 30. The registered projects have a completion deadline of September 30, 2023.
As a bonus for the construction sector, the non-disclosure of income source facility was extended by the government till June 2021 and the amnesty scheme till December 2021 – to avail the fixed tax regimes. However, as per the official sources, given the International Monetary Fund (IMF)’s requirements, another extension in the non-disclosure of income source facility for the buyers is unlikely.