PM Khan says that the construction industry was waiting for such a development, adding that an extension to the fixed tax regime was a ‘big demand’ from the industry

A.M.Bhatti

ISLAMABAD: Prime Minister Imran Khan on Thursday announced that the fixed tax regime for the construction sector has been extended to December 31, 2021.

PM Khan said that the construction industry was waiting for such a development, adding that an extension to the fixed tax regime was a ‘big demand’ from the industry and now it will have an extra year at its disposal.

The PM was speaking during a weekly review meeting of high-priority economic sectors along with Special Assistant to the Prime Minister on National Security Division and Strategic Policy Planning Moeed Yusuf.

Chief secretaries of all the four provinces also partook in the meeting via video link.

Speaking about the incentives that the government provided to the construction industry earlier this year, PM Imran Khan said that the industry showed considerable progress as projects worth Rs186 billion were registered with the Federal Board of Revenue (FBR).

He added that it was because of the progress of the construction industry that Pakistan was steered away from economic crisis amid the pandemic.

“There are more construction projects worth Rs116 billion which have been registered on FBR’s portal and are yet to be drafted,” the PM said. “Meanwhile, the approval process of projects worth 136 billion are also currently underway.”