ISLAMABAD: Federal Board of Revenue (FBR) have prioritized real estate sector for documentation of economy during next three years for increasing share of direct taxes in revenues.
The Medium Term Budget Strategy Paper for 2021/2022 to 2023/2024 issued by the ministry of finance stated that all out efforts are being made to increase the share of direct taxes in revenues.
“Documentation of economy to increase the taxation in services, real estate and wholesale and retail is top priority,” it added.
According to the paper the use of information technology is the corner stone of strategy of Federal Board of Revenue (FBR) for mobilization of revenues.
It aims at automation of all business processes starting from registration to assessment and issuance of refunds.
Installation of the ‘Track and Trace’ system, point of sale integration of retailers with FBR’s computerized system, e-audit and e-appeals are at various stages of implementation and would be fully operational in the medium term.
