CHAIRMAN FBR CHAIRS MEETING TO REVIEW PROGRESS OF PM'S RELIEF PACKAGE TO CONSTRUCTION INDUSTRY

CHAIRMAN FBR CHAIRS MEETING TO REVIEW PROGRESS OF PM'S RELIEF PACKAGE TO CONSTRUCTION INDUSTRY

Federal Board of Revenue’s Policy Wing gave a detailed briefing to the Chairman Federal Board of Revenue, Dr. Muhammad Ashfaq Ahmed about the progress made on the Prime Minister’s Relief Package for Construction Industry. Member IR 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 Rs. 493 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 probe and concessions from withholding of taxes. FBR has provided all the required facilitation to the beneficiaries of the package which include establishment of 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 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 update on the progress be communicated through media on weekly basis.