ISLAMABAD: The government would promulgate a presidential ordinance to change the dates for extension in the tax amnesty scheme for the construction sector.

Sources said that the Tax Laws (Amendment) Ordinance, 2020, had been vetted by the Law and Justice Division.

The Ordinance would be issued after it is signed by the President.

The presidential ordinance would amend the relevant sections of the Income Tax Ordinance, 2001, for extension in the dates of the construction package.

Under the Ordinance, the last date for seeking immunity by builders and developers from probing their source of funds, and availing fixed tax regime has been extended from 31st December 2020 to 30th June 2021.

Similarly, the last date for builders and developers who want to avail fixed tax regime has been extended from 31st December 2020 to 31st December 2021.

Under the Finance Amendment Ordinance the last date for completion of projects has been extended from 30th September 2022 to 30th September 2023, and the last date for buyers of housing units and plots has been extended from 30th September 2022 to 30th March 2023.

Copyright Business Recorder, 2021