Government Urges IMF for Extension of Construction Amnesty Scheme
Finance Minister Shaukat Tarin hinted during a post-budget briefing in Islamabad that the government has requested a six-month extension of the construction industry amnesty programme from the International Monetary Fund (IMF).
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This year, the administration extended the amnesty program’s expiration date from December 31, 2020, to December 31, 2021. The provision for non-disclosure of income under the plan in question was further extended until June 30, 2021.
According to the programme, developers and builders must register their projects with the Federal Board of Revenue’s (FBR) computer-based Image Recognition Integrated Systems (IRIS) software by the 30th of June and deliver them by the 30th of September 2023.
According to estimates, 1,083 projects totaling PKR 340 billion have been submitted to the FBR, whereas 292 unconfirmed projects totaling PKR 43 billion are seeking registration. In addition, as of May 6, around 3,851 customers were interested in acquiring homes using the advertised tax benefits for the construction industry.
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In addition, the finance minister noted that the FBR’s target for the upcoming fiscal year is anticipated to be PKR 5.8 trillion. Aside from that, the government would rather bring more people into the tax net than tax those who are currently contributing.
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