The Federal Board of Revenue (FBR) has released the updated names of 1059 projects of developers and builders registered with the FBR under the prime minister’s incentive package for the construction sector.
The FBR had uploaded the names and complete addresses of 1059 individuals, companies, and firms registered under Section 100D of the Income Tax Ordinance, 2001, who availed the PM’s incentive package.
These construction projects that have so far been registered with the FBR are reportedly worth Rs. 383 billion.
On March 30, 2021, the FBR had issued names of 988 projects of developers and builders registered with the FBR. Now, the updated list revealed that an addition of 71 new projects have been witnessed which obtained registration with the FBR. Total 1059 projects have so far been registered with the FBR.
The package was promulgated through Tax Laws (Amendment) Ordinance, 2020 whereby a new section 100D and Eleventh Schedule were inserted in Income Tax Ordinance 2001. The construction package of the Prime Minister is very vast in scope and offers handsomely attractive tax incentives.
The Federal Board of Revenue (FBR) said that the construction sector tax amnesty scheme provides immunity from Section 111 of the ordinance that deals with the disclosure of the source of income. It said that no questions are being asked regarding the nature and the source of funds from investors making a capital investment in new construction projects in the form of money or land, either as an individual, as an association of persons, or a company.
In the case of a builder, the project shall be treated as complete on the date of completion of the grey structure. In the case of a developer, the project shall be treated as complete on the date on which at least 50% of the total plots have been booked in the name of the buyers; at least 40% of the sale proceeds have been received; the landscaping has been completed, and at least 50% of the roads have been laid up to the sub-grade level as certified by the approving authority or NESPAK.