Tax Amnesty Scheme Beneficiaries Allowed to File Declarations
According to news sources, the Federal Board of Revenue (FBR) in Islamabad permitted individuals who had paid their taxes under the 2019 tax amnesty scheme for the construction industry to file their tax returns. The filing window for tax returns is between September 10 and September 25.
According to the specifics, this relief will benefit 12,300 individuals who paid PKR 2.6 billion in taxes to the FBR for declared assets in 2019. It is a one-time opportunity for taxpayers who paid tax under the amnesty program but were unable to file a tax return.
It is important to mention that the scheme for tax payment was launched in May 2019 and the declaration was to be filed by June 30, 2019. However, the date was extended till July 3, 2019.
Moreover, keeping the hardship of people in mind, FBR allowed the filing of declarations for people who deposited tax before the due date but were unable to file declarations for any reason.
According to sources, it was reported that the 2,125 real estate projects worth PKR 350 billion were registered with FBR’s IRIS software by 1,321 persons. It was disclosed that 1,775 were new projects and 350 existing ones. The sources reiterated that the registered projects must be completed before September 30, 2023.
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