KARACHI – Mian Nasser Hyatt Magoo, President the Federation of Pakistan Chambers of Commerce and Industry” (FPCCI) applauds The Prime Minister of Pakistan Imran Khan for the extension of the fixed tax regime to Dec 31, 2021 for the construction sector on FPCCI’s recommendation
He said that the FPCCI welcomes the Prime Minister’s statement in the perspective of the second wave of Covid-19 pandemic as the tax wavier will facilitate the constructors, and will tremendously enhance the socio-economic condition of the laborers earn on daily basis and will provide the ultimate support to the construction material industry.
PM Imran Khan said while announcing the extension that “projects worth Rs186 billion have been registered with the FBR (Federal Board of Revenue) and the projects of amount Rs116bn are in the process of registration, under the incentives we had given for construction in April”. The prime minister also announces the facility of non-disclosure of the source of income while making investment till June 2021 and a one-year extension to construction projects which were supposed to be completed in 2022 and now they can be completed by 2023.
Mian Nasser Hyatt Magoo President FPCCI further said that due to the high risk of corona spread, many of the builders and developers were not able to avail of the facility, he urged the construction industry to avail of the tax amnesty facility in the year 2021, it will support them to stand again. Livelihood opportunities for the daily wagers through construction projects will also contribute to lessening the negative impact of the Covid-19 pandemic on the national economy.