President Dr Arif Alvi promulgated ordinance, extending the construction amnesty scheme
President Dr Arif Alvi promulgated ordinance to suspend electronic tax assessment of income tax return filers and extended the construction sector tax amnesty scheme for six more months.
The ordinance was approved on Wednesday to proffer shield to the investors from disclosing their source of income. This presidential Ordinance has made changes in Clause 2A of Section 120 of the income tax returns filed by the taxpayers.
The construction tax amnesty scheme expired on December 31, which the government has now extended till June 2021. This will make them pay fixed pay on the sale of properties by builders. The completion period of the projects has been extended till September 2021 for both the old and new projects even those who began their projects back in April 2020.
Till the fourth week of December, about 360 projects worth Rs140 billion had been registered with the scheme and another 261 schemes amounting to Rs125 billion were under the process of registration.