KARACHI: Federal Board of Revenue (FBR) has suspended notices issued to builders and developers for providing details of allottees up to June 30.
FBR’s Broadening of Tax Base (BTB) Director General Tanveer Malik suspended these notices on the request of Association of Builders and Developers of Pakistan (ABAD) and urged its representatives to pursue investors for availing the recently announced tax amnesty scheme.
ABAD Chairman Arif Yousuf Jeewa, Senior Vice Chairman Fayyaz Ilyas, Vice Chairman Sohail Warind, Chairman Southern Region Altaf Tai, Commissioner Tax Miss Shazia, Additional Commissioner Mumtaz Ahmed and a large number of ABAD members were present on the occasion at ABAD House.
Tanveer Malik said that it is the fact that most of the black money is used in the sale and purchase of land and that the government will adopt stringent measures to widen the tax net from July 1 and strict action will be taken against people who hide black money. He said that there are only 400,000 tax-payers in Pakistan which is very low in comparison to the whole population.
He clarified that the purpose of asking for information regarding allottees from builders and developers by FBR was to widen the tax net and was never meant to harass builders and developers. While announcing the suspension of notices issued to builders and developers for providing information of their allottees up to June 30, he said that this issue will be solved with the consultation of ABAD.
Terming the tax amnesty a loot sale and inviting all people having black money to avail this unprecedented opportunity, he said that they will face strict action from July 1. He said that the target of FBR is not people from the middle class or lower middle class but it is after the big fishes.
