The relief will benefit approximately 12,300 individuals who have already deposited Rs2.6 billion in taxes to the FBR on their declared assets in the year 2019. The total amount that was legalised has not been disclosed. The FBR system has been enabled for this purpose and all taxpayers can now file their declarations between Sept 10 and 25.
As many as 2,125 projects worth Rs350bn have been registered with the FBR’s online system by 1,321 persons. Out of these, 1,775 are new projects and 350 existing ones.
The builders and developers are required to get their projects registered on FBR’s computer-based IRIS software on or before June 30 this year and the projects should be completed before Sept 30, 2023.
The salient features of the package include fixed tax for builders and developers, immunity from probe and concessions from withholding of taxes. The FBR has provided all the required facilities to the beneficiaries of the package which include the establishment of a dedicated web page, dedicated email to address inquiries and an online step-by-step guide for the builders and developers.
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