FBR reviews tax incentives to construction industry

FBR reviews tax incentives to construction industry

ISLAMABAD: Dr. Muhammad Ashfaq Ahmed, Chairman of the Federal Board of Revenue (FBR) on Friday reviewed the progress made on the Prime Minister’s relief package for the construction industry.

Member Inland Revenue (Policy) assisted by Chief IR Policy informed the Chairman that so far 1321 persons have registered themselves through the online system of FBR in 2125 projects.

Out of these registered projects, 1775 are new projects whereas 350 are existing projects. The total declared investment made in these registered projects comes to Rs493 Billion.

PM’s Construction Package was introduced through Tax Laws (Amendment) Ordinance, 2020 on 19th April 2020. The salient features of the package include fixed tax for builders and developers, immunity from probes, and concessions from withholding of taxes.

FBR has provided all the required facilitation to the beneficiaries of the package which includes the establishment of a dedicated web page, a dedicated email to address inquiries, and an online step-by-step guide for the builders and developers.

Besides, a comprehensive set of FAQs for potential buyers and investors was developed which is available on the FBR website. Moreover, wide publicity through media campaigns was also done to maximize the gains of this relief package.

Chairman FBR directed that ease of doing business must be ensured to the registered projects under the PM’s Package for Construction Sector. He further desired that regular updates on the progress be communicated through media on weekly basis.