KARACHI: Federal Board of Revenue (FBR) has issued notices to as many as 400 Pakistanis who have assets in Dubai real estate sector.
Sources said that the FBR identified these individuals through independent investigation. They said that around 100 notices had been issued to individuals in Karachi FBR sources further informed most of the persons are from business community.
The FBR said the notices have been sent under Section 114(4) of the Income Tax Ordinance, 2001 in order to verify that income tax returns for the tax year 2013/2017 is filed or not.
The FBR also sent notices in those cases where no return had been filed in last five completed tax years. The notices have been sent under Section 114(4) of the Income Tax Ordinance, 2001 in respect of last 10 years (proviso to sub section 5 of section 114 of the Income Tax Ordinance, 2001.
