330 projects worth Rs116b registered under PM’s construction package
December 26, 2020 05:47 PM
Over 330 projects worth Rs116 billion have been registered under Prime Minister’s construction package, reported 24NewsHD TV channel on Saturday.
On the other hand, the Federal Board of Revenue (FBR) has finalised proposals for extending the construction package’s time period. However, the final decision on extension will be taken next week.
Sources in the FBR say the construction sector is the driving force behind the country’s economy. However, they add, due to the coronavirus, PM’s construction package could not produce the desired results.
They further say that due to delay in the approval of maps of these construction projects by provincial departments, some legal obstacles that came in the way, not much progress could be made on this front.
Under the prime minister’s package, there will be no scrutiny of the amounts to be invested in these projects.
Since the package applies to the land builders and developers, and it covers both existing and new industrial and development projects, fixed tax rates will be applied to each square foot.
Under the package, low-cost housing projects will see a 90 percent reduction in taxes. For the convenience of the shareholders of the companies, no tax will be levied on the profits and income. Under this package, significant withholding tax has also been given, the TV channel reported.