As per the Federal Board of Revenue (FBR), Prime Minister’s construction package has so far seen the registration of 1,083 projects worth Rs340 billion.
According to the details, another 292 tentative projects promising an investment of Rs43bn have been registered separately.
Prime Minister Imran Khan had laid out the stimulus package for the construction industry in April 2019. It was the time when the country had halted due to the spread of the coronavirus. The government was of the opinion that the amnesty scheme will revive the clogged economy.
The scheme had first been offered till December 2020 but after its initial success, it was later extended for another six months to aid those looking to invest their untaxed money in the upcoming construction projects.
So far, about 3,851 buyers have shown interest in buying properties by availing of the set tax incentives for the construction sector till May 6.
The package requires builders and developers to get registered on a computer-based IRIS software of the FBR before June 30 this year. All the projects, as per the package, should be completed before Sept 30, 2023.
The government extended the facility of non-disclosure of sources of income till June 2021 and the amnesty scheme was till Dec 2021.
Experts believe that the International Monetary Fund (IMF) has already given a waiver to the government on several other tax initiatives to combat the impact of Covid-19, thus it won’t allow another extension after December 31, 2021.
Tax officials are of the opinion that builders and developers have various indicative projects but those are still in the process of preparation.
The amnesty scheme has speeded up economic activities in the country and production in the allied industries has posted huge growth in the past nine months.
The data until May 6 highlights that so far, 1,083 projects with an estimated worth of Rs340bn were registered with the FBR on a permanent basis.