KARACHI: A top Inland Revenue officer has cleared that the Federal Board of Revenue has not given an ‘open amnesty’ on property deals.
Talking to media, Member (Policy) Rehmatullah Khan Wazir said that the immunity from declaring source of investment in immovable properties has been given only to amount prescribed by the FBR through valuation tables.
The Member explained if the FBR field formation detects the amount more than the valuation, it would be considered as concealed income.
It is pertinent to mention that the federal government, through a presidential ordinance, has allowed immunity from Section 111 of Income Tax Ordinance, 2001 for the purpose of valuation of immovable properties and deduction of withholding tax. Under the ordinance, the FBR officials cannot investigate the source of investment to the extent of valuation, prescribed by the revenue authority.
The member said the presidential ordinance was promulgated from July 31, 2016 therefore persons, making transactions in property business, would declare such deals in their income tax returns in August or September 2017.
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