FBR Shares Up-to-Date Statistics on Real Estate Projects
Islamabad: According to media sources, the Federal Board of Revenue (FBR) has announced that up to 1,083 construction projects worth a total of PKR 340 billion will be granted as part of the government’s construction industry amnesty package (announced by Prime Minister Imran Khan in April 2020). announced that it has been registered.
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Another 292 preliminary projects with a preliminary investment of Rs 43 crore are also in the process of being registered under the package, according to reports. In addition, as of May 6, approximately 3,851 buyers have indicated their intention to purchase properties using tax incentives in the construction sector.
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The program requires builders and developers to register their IRIS software on board by June 30th. The deadline for completion of the registered project he is September 30, 2023. As a bonus to the construction sector, the non-disclosure of revenue sources by the government has been extended until June 2021 and the amnesty program has been extended until December 2021. This is because of the fixed tax system.
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However, official sources say it is unlikely that the non-disclosure of the purchaser’s source of income will be extended further given International Monetary Fund (IMF) requirements.
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