ISLAMABAD: The Federal Board of Revenue (FBR) has identified as many as 16,000 individuals in the real estate sector who paid zero taxes and even do not have national tax numbers (NTN).
In the last two years, over 80,000 transactions worth around Rs800 billion (according to deputy commissioner rates) were recognized however the market value of these transactions is probably going to be much higher than the aforementioned figure.
Pakistan Revenue Automation Limited (PRAL) collected this data and it is a subsidiary of the tax regulator which is responsible for automatically detecting real estate investments crossing Rs4 million and notes it on the FBR’s system.
According to a source at the FBR, the tax regulator had initiated the process of issuing notices to high net worth individuals who aren’t registered with them.
He shared the FBR will initiate issuing notices to those individuals who are registered as filers but avoid filing their returns.
