FBR registers 1083 projects worth Rs340bn under construction package



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ISLAMABAD: The Federal Board of Revenue (FBR) has registered 1,083 projects worth Rs340 billion under the prime minister’s package for the construction industry.

The registered projects fulfil the given set of requirements by the board, including registration of taxpayers.

In addition, 292 projects worth Rs43 billion and yet to be approved due to being at different stages of preparation have also been registered by the authority.

The released data till May 6 shows a total of 3,851 buyers interested in purchasing properties by availing tax incentives for the construction sector

As per the new requirements of the FBR, all builders and developers must be registered on computer-based IRIS software of the FBR before or till June 30, 2021, and the projects should be completed before Sept 30, 2023.

To facilitate builders and developers and boost economic activities, the government extended the facility of non-disclosure of sources of income till June 2021 and the tax amnesty scheme till Dec 31, 2021.

The builders and developers, be it individuals, group of individuals, companies or a consortium, can avail the package for both, new and existing construction and development projects including commercial and residential projects.

The incentive package unveiled by Prime Minister Imran Khan generated construction activities, boosting the economy affected by the outbreak of COVID-19.

Along with the construction industry, the allied industries also reported positive growth, with the sale of cement surging by 57.24 per cent, production of billets and ingots in the steel sector was up by 57.65 per cent, and production of paints and varnishes increasing by 76.28 per cent, read data compiled by the Pakistan Bureau of Statistics (PBS).

 

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PM commends FBR for historic 16% growth in revenue


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ISLAMABAD: Federal Board of Revenue (FBR) collected 3976 billion during July-April 2020-21 as compared to Rs. 3438 billion during July-April 2019-20, indicating an increase of 16 percent in gross revenue collection. 

The Prime Minister commended FBR for achieving 57 percent growth in revenue for the month of April. 

 

As per provisional information, the target for Jul-April period was Rs. 3637 billion in net revenue collection. The FBR managed to collect additional Rs. 143 billion, taking the net revenue collection to Rs. 3780 billion. As compared to last year, this indicates a growth of 14 percent during the same period. 

The growth in revenue collection is attributed to increased economic activity despite the COVID-19 pandemic. However, the net revenue collection decreased towards the end of April as control measures were tightened owing to COVID-19 increased infections. 

 

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