By Adnan Rafique
ISLAMABAD: The Federal Board of Revenue (FBR) said Thursday that the response of builders, developers and taxpayers to the government’s construction industry package was very encouraging. So far, as many as 40 projects have already been registered with the FBR, whereas drafts of 4812 projects have been prepared for registration in the IRIS System. Furthermore, one purchaser has also submitted a declaration to FBR whereas 279 purchasers have prepared drafts in the IRIS System.
The response from the business community is highly encouraging and demonstrates people’s confidence in the Prime Minister’s vision and initiative of giving boost to construction and housing sector, that shall, in turn, translate in giving a significant jump to the economy. The Federal Government, in an effort to ensure all possible facilitation for builders and developers desirous of availing the fixed tax scheme, has taken various special initiatives. Tax benefit scheme given by the government offers a lucrative package to both builders and developers and public at large who are planning to buy plots and new housing units. Subject to fulfillment of certain conditions in law, FBR would 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 benefit of payment of fixed tax as delineated in the Income Tax Ordinance, 2001. As a part of this effort, FBR created an online project registration system in May 2020 for maximum facilitation of taxpayers. Additionally, online support has also been made available through setting up of a dedicated web-page, step-by-step guide and video tutorials, a dedicated email address to facilitate correspondence between the Policy Wing of FBR and builders and developers seeking assistance, and a list of comprehensive FAQs answering queries received from various quarters.
