Islamabad:The Federal Board of Revenue (FBR) Thursday said response of builders, developers and taxpayers on the construction industry package announced by the government has been extremely encouraging . It added that 40 projects have already been registered with the FBR and 4812 more projects have prepared drafts for registration in the IRIS System. Furthermore, one purchaser has submitted a declaration to FBR whereas 279 purchasers have prepared drafts in the IRIS System. The FBR, in its handout issued on August 13, said response from the business community is highly encouraging and it demonstrates people’s confidence in the prime minister’s vision and initiative of giving boost to construction and housing sector, that shall, in turn, translate into giving a significant boost to the national economy. The government, in an effort to ensure all possible facilitation for builders and developers desirous of availing the fixed tax scheme, has taken big initiatives. Tax benefit the scheme, the government offers a lucrative package to both builders and developers and public at large who are planning to buy plots and new housing units. Subject to fulfillment of certain conditions in law, FBR shall not question source of funds of builders, developers, and purchasers of housing units and plots. Besides that, builders and developers falling under the scheme can avail benefit of payment of fixed tax as delineated in the Income Tax Ordinance, 2001. As a part of this effort, FBR created an online project registration system in May 2020 for maximum facilitation of taxpayers. Additionally, online support has also been made available through setting up of a dedicated web-page, step-by-step guide and video tutorials, a dedicated email address to facilitate correspondence between the Policy Wing of FBR and builders and developers seeking assistance, and a list of comprehensive FAQs answering queries received from various quarters. Moreover, an aggressive media campaign has been launched since June, 2020 in order to inform and educate the general public In a bid to augment facilitation efforts, FBR arranged a Webinar in July, 2020 with around 500 attendees. The FBR team was led by the Chairman FBR while the NAPHDA team was headed by the Deputy Chairman NAPHDA. The session included a presentation conducted by FBR representatives on the key features of the scheme and the registration process.
