Written by 7:26 am Business, News, Real Estate

FBR rules out Tax Amnesty Scheme for Contractors

FBR rules out Tax Amnesty Scheme for Contractors

In an effort to boost the construction sector, the Federal Board of Revenue has dismissed the possibility of any fresh Tax Amnesty Scheme for contractors.

It was proposed during a Senate Standing Committee that the withholding tax on contractors shall be slashed from 7.5 percent to 1 percent provided by a general amnesty scheme.

They also demanded that the valuation rates of properties into 23 cities be revised upwards to collect tax on the profit earned up to Rs5 million within the stipulated time frame of 4 years period at the time of disposal of land.

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