ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified changes made through presidential ordinance to tax amnesty scheme available to developers and builders.
The Presidential Ordinance has been promulgated on January 19, 2021, which is called as the Income Tax (Amendment) Ordinance, 2021 and it has been enforced from January 01, 2021.
Through the ordinance amendments have been made to Income Tax Ordinance, 2001.
According to this, amendment has been made to Section 100D of Income Tax Ordinance, 2001, the completion of project for availing amnesty on invested amount has been extended to September 30, 2023 from September 30, 2022.
The date has also been extended for the amnesty on investment made in a housing project up to June 30, 2021 from the date of December 31, 2020.
The extension of the tax amnesty scheme is expected to provide relief to the construction sector, particularly developers and builders facing delays due to economic and operational challenges. Officials believe the move will encourage continued investment in housing projects and help revive construction activity across the country.
The government aims to support employment generation and stimulate related industries such as cement, steel, and allied services through this incentive. Tax experts have noted that such policy measures may improve documentation in the real estate sector while also increasing transparency. Stakeholders are now awaiting further clarifications from FBR regarding implementation guidelines and eligibility conditions.
