ABAD seeks extension in Amnesty Scheme

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FayyazIlyas, the chairman of Association of Builders and Developers of Pakistan (ABAD) appreciating steps being taken by the federal government for construction industry, has demanded to extend Amnesty Scheme for real estate and construction industry by at least one year.

He said in a statement that due to unprecedented situation created by corona pandemic all over the country and long delay in approval of building plans in Sindh a number of builders and developers could not register their projects under this Amnesty Scheme.

Ilyas said that Prime Minister Imran Khan had announced and once extended special package for real estate and construction industry for economic growth through construction industry because this industry is considered the backbone of the economy all over the world.

Under extended package, source of income will not be asked for investment in real estate and construction upto 30th June, 2021, Fixed Tax Regime for builders and developersupto 31st December, 2021 and project completion period was extended upto 30th June, 2022.

The ABAD chairman requested the government to extend these periods atleast upto 30th June, 2022, 31st December, 2022 and 30th June, 2023, respectively so that those people can avail this package who could not avail due to pandemic and lengthy delay in project approvals. .–PR