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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Govt to allocate funds worth Rs900bn for development projects in 2022: Shaukat Tarin



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ISLAMABAD: In a bid to boost revenue, the federal government will allocate a sum of Rs900 billion ($6 billion) for various development projects in Fiscal Year 2022, announced Minister for Finance Shaukat Tarin.

The plan is aimed at increasing the number of large infrastructure projects by 40 per cent, employment generation and boosting the economy by 5 per cent till the next year, he further added.

While briefing, Finance Minister Tarin added that the positive economic growth depends on generating more revenue and employment creation, as we need 2 million jobs every year. Unless we get more revenues, forget about any incentives to boost the economy, he further added.

The minister’s 5 per cent economic growth plan for next year is in line with the International Monetary Fund’s (IMF) 4 per cent economic growth projection, and 6 per cent in the year after through tax authority revenue.

 

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LDA okays e-tendering mechanism for development projects



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LAHORE: In a meeting chaired by SM Imran, Vice Chairman Lahore Development Authority (LDA) of the governing body of LDA, the meeting approved the e-tendering mechanism for development projects.

According to the details, the governing body also gave the approval of constructing a 1000 beds hospital over 118 Kanal on the land of Kot Lakhpat Mandi.

In the meeting, the governing body under the Area Development Programme gave a green signal to the sixteen different cases for the specific use of land.

Furthermore, the meeting also gave waivers to different welfare schemes in the form of commercialisation fee, approval fee, and conversion fee.

 

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SBP’s schemes to launch 521 solar projects worth Rs. 36bn



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KARACHI: Governor State Bank of Pakistan (SBP) Dr. Reza Baqir in a webinar stated that around 521 solar projects worth Rs 36 billion will approximately produce 850 MW energy under the Financing Scheme for Renewable Energy. The finances for the projects will be arranged through various commercial banks.  

Dr Baqir stated that a Financing Scheme for Renewable Energy has been issued in order to promote renewable energy projects since Pakistan is ensnared in challenges owing to climate change. 

He further stated that mobilisation for the expenses would play a pivotal role in moving towards sustainable development and mitigating the effects of climate change. This is in line with the global environmental and social standards and policies. Since 2015, Pakistan is also a member of the Global Sustainable Banking Network (SBN) that will help materialise and finance sustainable goals. 

 

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PPIB to complete two 1604MW hydropower projects by Dec 2022


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ISLAMABAD: Currently at an advanced stage of construction, two large size Independent Power Producing projects – 720 MW Karot and 884 MW Suki Kinari, are set to be completed in December 2021 and December 2022, informed Managing Director, Private Power & Infrastructure Board (PPIB) Shah Jahan Mirza, while briefing Federal Minister for Energy, Muhammad Hammad Azhar.

In addition, the financial stage of 1124 MW Kohala – Pakistan’s largest private sector hydropower project namely and 700 MW Azad Pattan Hydropower project will also be closed soon, he further added.

Apart from the two Hydropower projects, the boards are working to complete five other projects including four Thar coal-based IPPs with an accumulated generation capacity of 2640 MW  and one RLNG based project of 1263 MW generation capacity.

 

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Punjab PDWP approves six development projects worth Rs8.08bn


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ISLAMABAD: In a meeting chaired by Chairman Planning & Development Board Abdullah Khan Sumbal, the 36th meeting of Provincial Development Working Party (PDWP) of the current fiscal year 2020-21 approved six development projects worth Rs8.089 billion.

The projects include the construction of a 14.17km long Link Road from GT Road to Sialkot – Lahore Motorway for Rs827.570 million.

A 20.08km dual carriageway road, commencing from Kingra to Sialkot will also be constructed for Rs850.990 million. Work to widen and revamp the road will also be carried out under the project.

An Rs1,962.568 million project was also approved by the authority, under which the 42km Dualized Road from Sargodha to Makhdoom Interchange, District Sargodha will be rehabilitated.

Another dual carriageway from Burewala to Chichawatni Road, Vehari will be constructed for Rs1,008.258 million.

The dualization of 3.11km long Road from Motorway Interchange Jang Bahatar to Wah, will be constructed at the cost of Rs536.204 million.

The meeting was attended by Provincial Secretary P&D Imran Sikandar Baloch, all Members of the Planning & Development Board, Provincial Secretaries of concerned departments, Senior Chief (Coord), Assistant Chief Coordination and senior representatives of the relevant Provincial Departments.

 

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Development projects to bring prosperity in Balochistan: PM


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QUETTA: Prime Minister (PM) Imran Khan while on his visit to Quetta on Wednesday said that the development work in Balochistan will bring prosperity and uplift the people of the region.

While laying the foundation stone of three roads under the National Highway Authority (NHA), the PM was of the view that uplift of Balochistan is the top priority of the government and it will take every step to address the issues of locals.

Speaking on the occasion, the PM also said that the government has completed a road network of 3,300km within two and a half years while the areas adjacent to western routes of the China Pakistan Economic Corridor (CPEC) will also be developed.  

He also said that a health insurance scheme similar to Khyber Pakhtunkhwa is also on cards for Balochistan.

 

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Governor Punjab okays Pothohar clean drinking water projects


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LAHORE: In a meeting chaired by Governor Punjab Chaudhary Muhammad Sarwar on Tuesday, the governor approved the clean drinking water projects for Pothohar Region.

While speaking on the occasion, the governor Punjab said that Punjab Aab-e-Pak Authority is working at a rapid pace to provide clean drinking water in the province.

The authority has been working on projects worth Rs4bn and the groundbreaking ceremony of various clean drinking water projects will be performed by next month.

In the meeting, the decision was also taken regarding the provision of a clean drinking water supply in Rawalpindi through a comprehensive strategy. 

The meeting was attended by Chairman Punjab Aab-e-Pak Authority Rawalpindi Division, Dr. Shakeel Ahmed, and Member of National Assembly, Sadaqat Ali Abbasi.

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CM Balochistan reviews development projects


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QUETTA: Chief Minister Balochistan, Jam Kamal Khan while chairing a meeting on Monday reviewed various development projects in Balochistan.

According to the details, the CM was briefed about the uplift projects in Southern Balochistan, and Quetta city and their inclusion in next year’s Public Sector Development Program (PSDP).

On the occasion, the CM ordered relevant authorities to establish more colleges in Quetta City and also to upgrade the metropolitan corporations.

He also directed relevant authorities to include the construction of an amusement park and five sports complexes in PSDP of the year 2021-2022.

The meeting was attended by the Additional Chief Secretary for Planning and Development and Commissioner Quetta Division, Asfandyar Kakar.

 

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CDWP approves two projects worth Rs196.5bn


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ISLAMABAD: Two projects worth Rs196.5 billion have been approved, including the construction of a 306km long Hyderabad-Sukkur motorway for Rs191.5 billion.

In a meeting presided over by Deputy Chairman of Planning Commission Muhammad Jehanzeb Khan, the Central Development Working Party (CDWP) approved a healthcare project worth Rs5 billion and further recommended the transport project to the Executive Committee of the National Economic Council (ECNEC) for approval.

The National Highway Authority (NHA) will construct a six-lane wide motorway project, connecting the Gwadar and Karachi ports, under the public-private financing mode on the Build-Operate-Transfer (BOT) basis.

The second approved project, titled “Strengthening of Existing DHQs, and selected THQs, RHCs, BHUs in District Awaran, Washuk, Khuzdar, Lasbela, Panjgur, Gwadar and Kech (Less Developed areas of the Balochistan)” is aimed at improving infrastructure, medical equipment, machinery and ambulance services in seven named districts of Balochistan.

 

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