MULTAN: The Regional Tax Office of the Federal Board of Revenue (FBR) has decided to bring builders and land developers under tax net.
According to details, the Regional Tax Office Multan will conduct a survey of real estate companies and building constructors working in their jurisdiction in near future in order to bring them into tax net.
For this purpose, RTO Multan will collect relevant information of on-going commercial and residential projects for the collection of taxes. The FBR has directed all regional tax offices and large taxpayer units through a circular in this regard.
A majority of the people connected to business of builders and real estate developers is running mega projects involving billions of rupees in shape of housing societies and commercial shopping malls, but are still out of the tax net.
The Federal Board of Revenue will collect their relevant information through survey and through assistance of relevant departments like city development authority, town municipal authority and others.
The Regional Tax Office Multan will also collect information regarding their business trade volume to issue them notices for payment of their actual taxes. All regional tax offices including Multan and large tax payer units will collect comprehensive report about the property magnates. They will assess on–going projects of the companies and their total area of the commercial and residential housing societies in this regard.
The Regional Tax Office Multan have formed four teams with task to survey the land developers of the region and their massive scale projects in the jurisdiction. They will submit their report after completion of survey very soon.
