KARACHI: The Federal Board of Revenue (FBR) has decided to conduct audit of withholding tax of land developers. Sources close to the FBR told Customs Today that the FBR will issue a guide line to all field formations to conduct audit of withholding tax of land developers.
Sources further revealed that that the FBR authorities were receiving credible reports of tax evasion by these land developers. After thoroughly examining such complaints, the FBR has decided to conduct audit of the withholding tax of land developers the second time.
Sources said that during previous fiscal year, billions of rupees tax was withheld by land developers, but they did not deposit the same in national exchequer, while in some cases land developers deposit some amount of withhold tax in national kitty after expiry of deadline. Through their action national kitty bears a loss of billions of rupees.
Sources further said as per laws land developers have to deposit withhold amount of tax in FBR but they failed to do so, even land developers are not paying their own tax, and also not depositing the amount of withholding tax.
