Amnesty to builders, developers be extended for one year: FPCCI

Amnesty to builders, developers be extended for one year: FPCCI

KARACHI: Pakistan’s apex trade body has urged the prime minister to extend the date for availing a tax amnesty for builders and developers for one year.

Mian Anjum Nisar, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) while appreciating the Prime Minister of Pakistan for introducing Amnesty Scheme for Construction Industry, said that the scheme has boosted the socio-economic status of daily wagers and supported the construction and its allied sectors.

It was a tremendous decision for the mitigation of COVID-19 impact over Pakistan. This incentive scheme attracts the builders, developers, and purchasers of housing units and plots who have not availed of it yet.

Even the negative economic effects of Covid-19 pandemic have not hindered the Construction Industry in providing immediate jobs back to the millions of daily wages earners.

He informed that Prime Minister Imran Khan had announced the tax amnesty scheme for the real estate and construction sector in April 2020 and will remain valid till 31st December 2020.

The relief package was for the construction industry with twofold aim of providing employment to daily wage earners, and spurring economic activity.

Those availing of this scheme need to register with the designated FBR portal since the ordinance was promulgated from April 2020 to December 31, 2020.

The immunity from declaring the source of income was also available to builders, developers, and the purchasers of the housing societies and projects, and tax on gains on investment had been waived for all citizens who wanted to sell their homes.

The tax amnesty had been given as part of the Prime Minister Package to lessen the impacts of the COVID-19 outbreak on the construction sector.

President FPCCI urges the Prime Minister to extend the time period of the Amnesty Scheme for Construction Industry and introduce the same amnesty scheme facility to other sectors and industries.

This scheme can support the economy of Pakistan during the second wave of COVID-19 and it will proved to be a turning point for the economy of Pakistan & for the revival of the housing and construction industry in Pakistan.

He further said that if the Amnesty Scheme continues for another year the daily wagers, the most vulnerable segment of the population can get back to work to earn a respectable earning for their families as they were fighting with the second phase of COVID-19 and poverty at the same time.