Islamabad: According to news reports, the Federal Board of Revenue (FBR) has reported that 1,083 construction projects worth a total of PKR 340 billion have been registered under the government’s construction amnesty package (announced by Prime Minister Imran Khan in April 2020).
Another 292 preliminary projects with an estimated investment of PKR 43 billion are reportedly being registered as part of the kit. Furthermore, until May 6, 3,851 buyers have shown an interest in purchasing properties using tax incentives for the construction industry. Builders and developers must register on the board’s IRIS software by June 30 to be eligible for the program. The projects that have been registered have a completion date of September 30, 2023.
The government extended the non-disclosure of income source facility until June 2021, as well as the amnesty scheme until December 2021, as a benefit to the construction industry. However, considering the International Monetary Fund’s (IMF) conditions, another expansion of the non-disclosure of income source facility for buyers is impossible, according to official sources.