FBR Asked to Encompass Amnesty Scheme for Construction
Islamabad: According to news sources, the Federal Board of Revenue (FBR) is considering options to extend the amnesty program for construction another six months.
The FBR has received a proposal to extend the deadline for exempting investments in the real estate sector from the source of income test from June 30, 2021 to December 31, 2021, according to board members.
Prime Minister Imran Khan’s April 2020 announcement of his aid package for the construction industry had a positive effect of supporting the construction industry and its many related sectors. The move was seen as inevitable to prevent the national economy from shrinking further in the aftermath of the Covid-19 outbreak.
According to the FBR’s latest statistics, a total of 1,083 construction projects worth $340 billion have already been registered in the amnesty package. Most of these deadlines do not expire anytime soon, with the exception of disclosing the source of income invested in the real estate project.
This one condition is believed to be a key factor in triggering investment activity in the real estate sector. In order for the investment wave to continue, legal and tax experts are recommending that the government extend this period.
A final decision on this point is expected to be announced at his 2021-22 budget speech scheduled for the first week of June, according to sources.
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