Federal Board of Revenue (FBR) has started its process to bring real estate developers into the tax net, reported by Pak Villas. In this regard, legal tax notices have been served to developers of 31 housing schemes who had not filed their income tax returns.
These steps taken by the FBR are part of the efforts targeted at increasing revenue for the state. Valencia Town, Wapda Town, and NFC Cooperative Housing Schemes are among the notable housing schemes that have received the notice.
The FBR has given the developers of the 31 housing schemes a one-week deadline to file their income tax returns. The deadline expires on February 15, 2018.
The revenue board hasn’t yet shared its further plans on dealing with the societies that do not meet the deadline.
Stay tuned with Pak Villas.
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