Thursday, May 26, 2022

FPCCI asks govt to extend amnesty

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday urged the government to extend the period of amnesty for the construction industry by another year.

FPCCI President Mian Anjum Nisar said, “Amnesty scheme for construction industry boosted the socio-economic status of daily wagers, and supported construction and its allied sectors.”

Prime Minister Imran Khan had announced the tax amnesty scheme for the real estate and construction sector in April 2020, which would remain valid till December 31, 2020. The relief package for the construction industry had a twofold aim of providing employment to daily wage earners, and spurring economic activity.

Those availing of this scheme need to register with the designated Federal Board of Revenue (FBR) portal. The immunity from declaring the source of income was also available to builders, developers, and the purchasers of the housing societies and projects, while tax on gains on investment had been waived for all citizens who wanted to sell their homes.

The tax amnesty had been given as part of the Prime Minister Package to lessen the impacts of the Covid-19 outbreak on the construction sector.

FPCCI president urged the PM to extend the period of the amnesty scheme and introduce similar schemes in other sectors and industries.

Source: The News

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