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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WASA plans to install 24MW solar plant worth Rs 4bn in Faisalabad



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FAISALABAD: The Water And Sanitation Agency (WASA) of Faisalabad has approved the installation of a 24 MW solar plant at a cost of Rs 4 billion in Chakira on Narrwala Road in an attempt to address energy woes and solve WASA’s financial problems. 

WASA Vice Chairman Sheikh Shahid Javed stated that a full scale operation is conducted to free WASA lands from illegal settlers and the results are promising. The newly relinquished lands will be used for uplift projects like improved water supply and sewerage systems. 

WASA Managing Director Jabbar Anwar Chaudhry further stated that a feasibility plan of a 24 MW solar plant was prepared to be included in the CPEC priority projects list. PC-1 was sent to the relevant authorities and the final decision was pending to be approved by the Punjab government. He further said that the solar project would save Rs90 to 100 million monthly electricity expenses which would be redirected to improve the services of WASA.

Deputy Managing Director Adnan Nisar Khan, Director Finance Shehryar Hassan, Director Admin Shoaib Rashid, Director Revenue Umar Iftikhar, and others were also in attendance at the Faisalabad Development Authority (FDA) meeting. 

 

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DDC okays 14 uplift schemes worth Rs 257m



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MULTAN:  District Development Committee (DDC) on Thursday approved 14 new development projects worth Rs 257 million for the facilitation of the masses. 

According to Deputy Commissioner Ali Shahzad, new projects include seven schools, five roads projects, one streetlight and one sewerage project.

As per details, Rs 36.6 million is allocated for the construction of road from Basti Malook Abdullah Chowk to Mango Research Station, Rs 50 million for sewerage project at Rajapur and Farrukh town, Rs 34.9 million for the construction of road from Pakhi Sarkar Sher Singh to Kothay Wala and Rs 11.3 million for construction of extra rooms at schools. 

 

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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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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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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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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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