FBR Reduces Taxes For Construction Sector

FBR Excludes The Tax Amnesty Regime For The Construction Sector

ISLAMABAD: The Federal Revenue Board (FBR) has ruled out the possibility of a new tax amnesty plan for contractors to revive the construction industry, stating that the FBR cannot waive the collection of Rs. 200 billion a year.

During the deliberations of the meeting of the Senate Standing Finance Committee, it was proposed to drastically reduce the contractor’s withholding tax from 7.5% to 1% and to establish a general amnesty plan.

Property Tax

It was argued that it would give the construction sector a boost, as the government had already announced the PM Construction Package and asked the IMF to grant it a three-month extension.

The president of the FBR told reporters after the meeting that such an amnesty could not be granted to anyone. He said the FBR was asked to reduce contractor taxes from 7.5% to 1%, but the government could not waive the Rs. 200 billion tax amount.

Also, Read 

Pakistan, Facebook Join Hands To Fight Covid-19

The FBR also indicated at the Senate panel meeting that property valuation rates in 23 cities could be revised upwards to collect taxes on realized profits of up to 5 million rupees within the stipulated time period of 4 years to moment of disposition from the earth.

FBR chairman Asim Ahmed replied that the valuation rate reported by FBR was 70% of the market value.

Earlier, real estate agent representatives Ahsan Malik and Sardar Tahir had said at the meeting that the government changed the income tax regime to increase the valuation rates reported by the FBR and DC rates starting in July 2021.

They also asked to define “adventurer” and “habitual buyer” of real estate in tax law.

Also, Read 

How To Reduce Construction Cost

In a related development, the Senate panel rejected FBR’s proposal to impose a 17% GST rate for jewelers on the budget. The Senate panel called for an increase in the Commission’s current budget for higher education to 120 billion rupees for the next fiscal year 2021-22.

Senior HEC officials informed the committee that they requested the 153 billion rupee budget for university salaries, benefits and other administrative expenses, but the finance ministry directed them to streamline spending.

The HEC simplified and filed an amended request for Rs.120 billion, but the government allocated only Rs.66.25 billion, leaving the HEC without sufficient funds in the next fiscal year to pay its obligations in full.

Also, Read 

First PIA Air Safari Flight Takes To Skies With 91 Passengers On Board

With the right mindset and the right information, anything can be accomplished. If you’d like to add more to this article, share your thoughts below in the comments section.

You can provide us with your feedback at hello@landster.pk and follow Landster Blogs for updates on the real estate sector of Pakistan.


Join The Discussion

16 thoughts on “FBR Reduces Taxes For Construction Sector”

  • Dwain

    You really make it appear so easy together with your presentation however I find this topic to be actually something which I think I’d never understand.
    It seems too complicated and extremely broad for me. I’m having a look forward on your next publish, I will try to get the hold of it!

    Look at my blog :: Clarence

  • Veronique

    Thank you for the auspicious writeup. It in fact was a amusement
    account it. Look advanced to far added agreeable from you!
    By the way, how could we communicate?

    Here is my website – Monty

  • Phoebe

    This is a topic that’s close to my heart… Many thanks!
    Exactly where are your contact details though?

    Take a look at my blog – Stanley

  • Carmine

    When some one searches for his essential thing, therefore he/she desires to be available that in detail, so that thing is maintained over here.

    Here is my website Eloy

  • Ervin

    Hello, I enjoy reading all of your post. I like to write a little comment to support you.

    my webpage Marshall

  • Marietta

    Why people still use to read news papers when in this technological globe all is existing on web?

    Also visit my web page; Shauna

  • Rochelle

    For most up-to-date information you have to visit the web and on the web I
    found this web site as a best site for newest updates.

    Look at my web blog: 24hd.pp.ua

  • Henrietta

    Heya this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code
    with HTML. I’m starting a blog soon but have no coding experience so I wanted
    to get advice from someone with experience. Any help would be enormously appreciated!

    Also visit my web page – https://bwb.pp.ua

  • Jeanne

    I need to to thank you for this excellent read!!

    I certainly enjoyed every little bit of it. I’ve got you bookmarked to
    check out new stuff you post…

    Feel free to visit my page; download video bokep

  • Christal

    I’m not that much of a internet reader to be honest but your blogs really nice,
    keep it up! I’ll go ahead and bookmark your website to come
    back later on. Many thanks

    my blog bandar poker

  • Roy

    Some truly nice and utilitarian information on this web site, as well I
    conceive the design holds good features.

    Look at my website :: top rankings

  • Belinda

    Hello.This article was extremely interesting, especially since I was looking for thoughts on this issue
    last Monday.

    My website … search engine raking

  • Phoebe

    Somebody necessarily lend a hand to make critically posts I would state.
    This is the first time I frequented your website page and thus far?
    I surprised with the research you made to create this particular put up amazing.
    Wonderful job!

    Stop by my web-site … full version pc games free download for windows 10

  • Desmond

    Hey I am so glad I found your webpage, I really found you by mistake,
    while I was researching on Digg for something
    else, Anyhow I am here now and would just like to say many thanks for a fantastic post
    and a all round entertaining blog (I also love the theme/design), I don’t have
    time to look over it all at the minute but I have saved it and also added in your RSS feeds, so when I
    have time I will be back to read more, Please do keep up the great job.

    my webpage; jaket – Mathew,

  • Clifton

    We’re a group of volunteers and opening a new scheme in our community.
    Your web site offered us with valuable info to work on. You have
    done an impressive job and our whole community will be grateful to you.

    Here is my blog post http://Www.marispark.ru/redirect.php?url=

  • Cecila

    I’m gone to inform my little brother, that he should also pay a visit this weblog on regular basis to take
    updated from newest news.

    Visit my page: mayalounge web sex thai Wife Interracial Sex Compilation

  • Λογαριασμός Binance

    Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.


Compare listings