PM Imran Khan PACKAGE FOR CONSTRUCTION INDUSTRY, 2020

tax amnesty for construction industry by fbr

In an attempt to re-energize the economy after the outbreak of pandemic COVID-19, the Federal Government has promulgated the Tax Laws (Amendment) Ordinance, 2020 [the Ordinance] on 17 April 2020 with the object of promoting construction and allied industry in the country. This Ordinance is a step in the right direction to deal with the said crisis due to which industries, businesses, offices, services have also been shut down in Pakistan and economic activity is at a stand-still. Under these circumstances, the promulgation of said Ordinance offering tax reliefs to construction sector will serve as double-edged sword by meeting the shortage of houses in the country on one hand and creating employment opportunities for the poor and most vulnerable segments of the population, including the daily wagers in Pakistan. By way of the Ordinance, amendments have been made in the Income Tax Ordinance, 2001 [Ordinance 2001] through insertion of new section 100D and Eleventh Schedule to give effect to income tax matters relating to builders, developers, first purchasers of plots and buildings in new projects and purchaser of plots who intends to construct building.

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