Staff Report
ISLAMABAD: The Federal Board of Revnue (FBR) said that registration for construction projects under Prime Minister’s construction package continued in full swing as 348 persons have registered 389 projects with the total estimated cost of Rs157 billion so far.
The pace of registration is getting momentum as the last date i.e December 31st 2020 is approaching fast,” said FBR in a statement issued here.
“The Federal Board of Revenue and Naya Pakistan Housing Development Authority like to proudly remind the public at large and construction sector investors that, the Prime Minister of Pakistan’s construction package for builders and developers is in full swing,” the statement added.
The requirements for availing the package are pretty simple, it said, adding every builder and developer is required to register on computer based IRIS Software of the FBR on or before 31.12.2020 and the projects are required to be completed before 30.09.2022.
The Prime Minister of Pakistan’s construction package for builders and developers was promulgated through Tax Laws (Amendment) Ordinance, 2020 whereby a new section 100D and Eleventh Schedule were inserted in Income Tax Ordinance 2001.
