KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended restoration of fixed tax regime (FTR) for builders and developers.
The apex trade body in its proposals for budget 2018/2019, said fixed tax regime for builders and developers introduced through Finance Act, 2016 has been rescinded from tax year 2018 vide Finance Act, 2017.
Consequently, persons eligible to such schemes will now be taxable under normal regime from tax year 2018 and onwards. Furthermore, the scheme will not be applicable even for tax year 2017 for those persons who have not paid tax under the Scheme as prescribed in Rule 13S.
The fixed tax regime for builders and developers be restored.
