FBR rules out tax amnesty scheme for construction sector
The FBR logo.
ISLAMABAD: The Federal Board of Revenue (FBR) has ruled out the possibility of any fresh Tax Amnesty Scheme for contractors to boost the construction sector, stating that the FBR could not forgo revenue collection of Rs 200 billion on an annual basis.
During the proceedings of the Senate Standing Committee on Finance meeting, it was proposed that the withholding tax on contractors should be slashed from 7.5 percent to 1 percent and a general amnesty scheme should be provided. It was argued that it would give impetus to the construction sector as the government had already announced PM’s Construction Package and asked the IMF for granting it a three months extension.
No fresh tax amnesty for construction sector, says FBR
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ISLAMABAD:
A Senate panel on Thursday linked reduction in duties for up to 850cc cars with drop in vehicles prices, as the government has proposed lowering taxes for two years to encourage the middle class to upgrade their living standards.
The Federal Board of Revenue (FBR) presented the reduced duties structure before the Senate Standing Committee on Finance. The FBR’s papers showed that the customs duties on import of completely knocked down locally produced parts is proposed to be cut from 46% to 30% and for non-local parts from 30% to 15%.
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