Islamabad: The Federal Board of Revenue (FBR) on Monday revealed that it had set a registration deadline for builders and developers looking to avail the government’s construction industry amnesty scheme; in addition to disallowing the payment of fixed tax in instalments, a news source reported. As such, the board has made it mandatory for both developers and builders to become registered by December 31.
FBR officials revealed the information during a webinar held for resolving the queries of stakeholders. With regard to a query of missing timelines pertaining to project completions, the officials said that fresh injection of capital after the deadline’s expiry would not be permissible under the scheme.
The officials explained that in 2019, FBR had allowed payment of tax in instalments to people who availed the amnesty scheme. They added that these people later approached the board regarding inability to pay remaining instalments due the pandemic. They said this is why no such facility was now available under the Tax Laws (Amendment) Ordinance 2020 for the construction industry.
The FBR officials further highlighted that only those would get the benefits of the scheme that register by December 31 and deposit the amount in the bank. They added that declared projects must be completed by September 30, 2022. In case of failure to meet this deadline for project completions, the developers and builders would lose the amnesty scheme’s benefits for the said project.
During the webinar, the officials cleared many confusions including that the scheme did not cover renovations and the board would allow temporary registration until submission of missing documents.
