KARACHI-Association of Builders and Developers (ABAD) of Pakistan Chairman Fayyaz Ilyas on Wednesday called for extension in date of registration for the incentives package of the Prime Minister’s Naya Pakistan Housing Scheme up to December 31, 2021 and for increasing time period fixed for completion of housing projects under this programme.

He was addressing a seminar on PM’s housing package at ABAD House. Chief Commissioner Medium Taxpayers Abdul Hameed Memon and a team of other senior officers of Federal Borad of Revenue (FBR), ABAD’s Senior Vice Chairman Khawaja Muhammad Ayoob, Vice Chairman Arif Sheikhani, Chairman Southern Region, Engr Danish Bin Rauf and a large number of the association’s members were present.

Fayyaz Ilyas said the association was supporting and standing with Prime Minister (PM) Imran Khan to transform his dream into reality by providing low cost houses to people from lower strata of the country.

He said the promotion of construction industry would guarantee economic prosperity. The relief package for the construction industry was a long standing demand of ABAD and that the builders and developers were happy on the important and timely policy decision taken by the Prime Minister. He was confident, the government would ensure availability of land and infrastructural facilities to builders and developers.

Chief Commissioner, Medium Taxpayers Abdul Hameed Memon said the builders and developers had been given three main incentives i.e. no question would be asked about source of income to those investing in Naya Pakistan Housing Scheme up to December 31, 2020; the rate of tax would be reduced to one-fourth; and similarly no question on source of income would be asked to the buyers of these houses.

He asked the builders and developers to register themselves with Naya Pakistan Housing Scheme and get benefits of the Prime Minister’s package. 

He said that FBR would appoint its focal person for ABAD to resolve tax issues of its members. Commissioner IR Audit, Abdul Hafeez gave a detailed presentation regarding tax matters of Naya Pakistan Housing Scheme.A