KARACHI: Member Inland Revenue Rehmatullah Khan Wazir has said that more than Rs 7,000 billion worth of black money would be brought under the tax net through the new valuation rulings on property.
He said this while addressing a meeting at the ABAD House. The FBR official said that this huge amount could not be brought into the tax net with a stroke of a pen but the process had been initiated in this regard.
Wazir said that the ‘fixed tax’ for construction sector was proposed by the ABAD and could not be changed or set aside because of its legal status. However, he said if ABAD could take opposition parties into confidence, the National Assembly could amend the law.
He dispelled the impression of having any confusion regarding property valuation, saying that only Capital Gain Tax (CGT) had been increased and the registrar could calculate the CGT as per the table provided by the FBR.
Earlier, ABAD acting chairman Arif Yousuf Jewa said builders and developers would pay more taxes so that the assurance of Rs 25 billion tax collection given by ABAD could be fulfilled. He hoped that taxes would surpass this figure and demanded a clear-cut policy regarding the property valuation to enable builders and developers to move on with their schemes.
