By Ali Imran
ISLAMABAD: The federal government has decided to audit the completion certificates submitted by builders and developers who benefited from the amnesty scheme offered for the real estate sector during the PTI’s rule.
In this regard, the Federal Board of Revenue (FBR) has notified the chartered accountancy companies rated satisfactory after their quality control review by the Institute of Chartered Accountants in Pakistan (ICAP).
The beneficiaries of the amnesty scheme were not asked about their sources of income, and they were also given tax exemptions and concessions to the tune of billions of rupees.
When contacted, a senior officer of the FBR revealed that during the PTI’s rule, the tax amnesty scheme was introduced for developers and builders completing projects within a specified period in the real estate sector.
Under this amnesty scheme, eligibility criteria were established for developers and builders to avail tax exemptions and concessions.
According to the criteria, developers and builders were required to have sold at least fifty percent of the plots and completed the sale proceedings for at least forty percent of the plots, houses, or flats.
Similarly, it was necessary for developers and builders to obtain certificates from the National Engineering Services Pakistan (Nespak) regarding completion of road infrastructure for at least fifty percent of residential and commercial projects.
