ISLAMABAD: Federal Board of Revenue (FBR) has issued a notice to three builders and developers on non-payment of minimum tax which resulted in loss to the government revenue amounting Rs 38.14 million.
According to Section 113 of Income Tax Ordinance, 2001; minimum tax @ 0.5 or 1 percent is payable by a resident company which declares loss for the year. Three taxpayer companies including Dolemen (Pvt) Ltd National Tax Number 0710245-3 , Mohammad Talha (King’s Real Estate) National Tax Number 2309961-5 and Atlas Developers and Builders Pvt Ltd under the jurisdiction of two field formations of Federal Board of Revenue showed loss in their returns for various tax years but did not pay minimum tax under section 113 of income tax Ordinance, 2001 at the time of filing of returns.
Since taxpayers have not worked out their tax liabilities at the time of filing of returns, Federal Board of Revenue directed to the large taxpayer unit Karachi to take action as per law to recover the loss and responsibility may be fixed on the official or officer at fault.
