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The Prime Minister’s incentive scheme for builders & developers of Pakistan is now picking-up showing signs of success and a great amount of interest by the construction industry.
According to the released information by the Federal Board of Revenue, till 19th October 2020, a total of 127 projects have been registered with a total projected cost of Rs. 63 billion.
In addition, a total of 108 persons are also in the process of registering 114 projects at a projected cost of Rs. 109 billion.
The registered projects from major cities include 61 projects from Karachi, Lahore 44, Islamabad 30, Rawalpindi 19, Faisalabad 10 and rest from other cities.
The last date for registering projects under the scheme is December 31, 2020.
The tax benefit scheme offers a lucrative package to both builders and developers as well as the public at large who are planning to buy plots and new housing units.
Subject to fulfilment of certain conditions in law, the Federal Board of Revenue shall not question source of funds of builders, developers, and purchasers of housing units and plots.
Besides that, builders and developers falling under the scheme can avail the benefit of payment of fixed tax as delineated in the Income Tax Ordinance, 2001.
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