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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CM Buzdar announces development package worth Rs34bn for Multan


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MULTAN: Punjab Chief Minister Sardar Usman Buzdar has announced a development package worth Rs34 billion.

Under this initiative, the authorities will launch development projects costing Rs787.2 million, including 47 roads, 23 supply and disposal of water, 9 educational, 6 healthcare and other development projects, it was announced.

It was informed that 4 development schemes worth Rs3.31 billion including E-Khidmat Centre, shelter home, urban forest and labour housing colony in an industrial estate have been inaugurated.

The provincial government, in collaboration with the World Bank, will launch the Punjab Rural Water Supply and Sanitation Project worth Rs90 billion in 16 tehsils of the province, including 8 tehsils of South Punjab, it was added.

The authorities will carry out work to improve water supply, sewerage, solid waste management, street lights, roads and parks in the next two years, at a cost of Rs11 billion, in Vehari, Burewala, Khanewal, Kot Addu and Bahawalnagar under Punjab Cities Project.

Furthermore, the expansion of the Multan-Vehari Road project worth Rs18 billion will be completed under the PPP mode.

CM Buzdar further informed that the foundation stones of 5 schemes worth Rs8.97 billion have been laid, including the dual Mattital road, shelter home, and a 200-bed mother and child hospital.

To improve the existing educational facilities, 316 schools, out of which 269 schools for girls will be upgraded at a cost of Rs.738.5 million.

The government will also distribute Rs350 million in loans under the Punjab Rozgar Scheme for the youth.

To facilitate the farmers, the government has provided agriculture-related machinery worth Rs470 million, at subsidized rates. The authorities also plan to distribute tractors to the farmers, under the Punjab Rozgar Scheme.

 

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