Islamabad: The Federal Board of Revenue (FBR) has shared the number of real estate projects waiting to register with the board’s IRIS system to avail the construction incentive package announced by the government earlier this year — a news source reported on 13 August.
According to the details available, a total of 40 projects have been registered with the FBR so far, while drafts for nearly 4,812 projects are currently being processed through the IRIS system. Additionally, 297 buyers are also preparing to register their purchases under the same system.
The federal government, along with nearly all the provincial governments, had previously announced various incentives, tax cuts and rebates during the year in order to boost construction activity in the country — with the initiatives aimed at ensuring the recovery of Pakistan’s economy in light of the coronavirus pandemic. Some of these measures included the FBR’s offer to not question the sources of the investments being made in the construction sector until the end of year, as well as the decision to grant the status of ‘industry’ to the construction sector.