ISLAMABAD: Total declared investment made in 2,125 registered projects by 1,321 persons under the prime minister’s relief package for the construction industry comes to Rs493 billion.

The Federal Board of Revenue’s Policy Wing gave a detailed briefing to the Chairman Federal Board of Revenue (FBR), Dr Muhammad Ashfaq Ahmed, about the progress made on the Prime Minister’s Relief Package for Construction Industry.

Member IR Policy, assisted by Chief IR Policy, informed the chairman that so far 1,321 persons have registered themselves through the online system of FBR in 2,125 projects. Out of these registered projects, 1,775 are new projects whereas 350 are existing ones. The total declared investment made in these registered projects comes to Rs493 billion.

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The PM’s Construction Package was introduced through Tax Laws (Amendment) Ordinance, 2020 on April 19, 2020. The salient features of the package include fixed tax for builders and developers, immunity from probe and concessions from withholding of taxes.

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The FBR has provided all the required facilitation to the beneficiaries of the package which include establishment of a dedicated web page, a dedicated email to address inquiries and an online step by step guide for the builders and developers.

Besides, a comprehensive set of FAQs for potential buyers and investors was developed which is available on FBR website. Moreover, wide publicity through media campaigns was also done to maximise the gains of this relief package.

The chairman FBR directed that ease of doing business must be ensured to the registered projects under the package. He further desired that regular update on the progress be communicated through media on weekly basis.

Copyright Business Recorder, 2021