KARACHI: The Inland Revenue Services (IRS) has decided to verify the business documents of those proprietors who are dealing in the property sale and purchase business, it is learnt here.
According to details, the Federal Board of Revenue (FBR) through a letter has asked the Inland Revenue Services (IRS) to collect all tax and revenue details of those persons who are dealing in property sale and purchase matters and also verify the business documents of those proprietors who are involved into the said business.
The sources informed Customs Today that the FBR has received information that the persons involve in property business are not paying their land and other taxes which on one hand gives colossal loss to the national exchequer, while on the other hand, turn the black money into white by investing it into the property matter.
Replying to a query, the sources further informed that the IRS commissioner has already asked all the concerned authorities of the related departments to start working on the subjected matter and compile a comprehensive report in this regard.
The sources further disclosed that the IRS would start working over the project by 13-March, 2017 and would take a month to submit a final report before the competent authority during a month of time.
It is pertinent to mention here that the real estate business in metropolis is on the rise in the recent days, and billions of rupees investment is being inducted into the said business during the last six to eight month and the said business is become the lucrative avenue for the investors after the Pakistan Stock Market (PSX).
