ISLAMABAD: With the aim to streamline mechanism for tax collection from builders and developers, Federal Board of Revenue (FBR) Member Inland Revenue Policy Rehmatullah Khan Wazir has held meeting with the representatives of Association of Builders and Developers (ABAD).
During the meeting, both sides have agreed to streamline mechanism for collection of tax under sections 7C and 7D of the Income Tax Ordinance 2001 from builders and developers.
The representatives from ABAD informed the FBR about the practical problems in deduction/collection of tax under the said sections.
The FBR official assured the ABAD that the mechanism would be improved for collection of the taxes for improving market situation. The next meeting between the two sides would be held next Monday, sources said.
