The Federal Board of Revenue (FBR) has withdrawn a tax policy clarification of 2018 in which an electronic mode of serving notice to the taxpayers may be
New Ordinance Increases Estimated Project Life of Construction Projects
The Income Tax (Amendment) Ordinance, 2021 has extended the maximum estimated project life from 2.5 years to 3.5 years for new construction projects and from 3 years to 4 years maximum for existing projects of developers and builders.
According to the salient features of the Ordinance shared by Asif S Kasbati, Karachi based leading tax expert and ICAP Fiscal Laws Committee Member, the FBR has amended the Special Procedures relating to builders and developers (Section 100D). The Tax Year 2020 income, profits, and gains of a builder or developer of an incomplete existing project, the Amnesty will not be applicable.