Islamabad: Prime Minister (PM) Imran Khan on Thursday announced a much-anticipated extension in the tax amnesty scheme for the construction sector; saying that it was the government’s ‘New Year’s gift’ for the construction industry, according to news sources.
According to reports, the International Monetary Fund (IMF) has agreed to this extension in view of the second wave of the coronavirus pandemic.
The PM in his televised address to the nation stated that as per the demand of the people associated with the construction industry, the government had provided its approval to the following:
- Fixed Tax Regime will now be available till December 31, 2021
- The exemption given under Section-111 that prevents probe into the income sources investment has been extended till June 30, 2021
- The deadline for completion of the registered project till September 30, 2023, has been extended by another year
- Exemption for disclosing investment for buyers has been extended till March 31, 2023
The PM also said that the construction industry relief package was announced during the peak of the global pandemic and it took time for people to properly respond to said amnesty scheme.
The government expect that the projects launched under the project will mobilise economic activities of PKR 1,500 billion in Punjab and create employment opportunities for 250,000 people. Similarly, economic activities have also spiked in other provinces.
Moreover, the PM stated that the Capital Development Authority (CDA), the Lahore Development Authority (LDA) and the Khyber Pakhtunkhwa government had done a great job in automating their procedures and granting approvals at a faster rate. PM Khan pledged to further remove the issues faced by the construction industry.