Abb Takk News

Govt Issues Ordinance To Extend PM’s Construction Package

ISLAMABAD: President Arif Alvi has issued an amending ordinance for the construction sector to extend the amnesty scheme for another six months. The FBR will not be inquiring about sources of income from builders and investors till June 30.

The president issued the Income Tax Amendment Ordinance, 2021 for the construction sector. The prime minister had announced a six-month extension of the scheme on December 31.

Meanwhile, the deadline to avail the fixed tax scheme on income from property has been extended till December 31.A one-year extension has also been given for the completion of construction projects.

Projects under the scheme can now be completed by September 30, 2023 instead of the original deadline of September 30, 2022.

Under the amended ordinance, those who purchase housing units or plots also get a six-month exemption in revealing their source of income.

Electronic notices will also not be issued to taxpayers for investments in the construction sector. Builders or developers will be able to register the project through the FBR website by December 31. According to the FBR, projects worth trillions are in the pipeline.