Karachi: The Federal Board of Revenue (FBR) has identified at least 2,000 transactions pertaining to upscale properties in the city – a news source reported.
A meeting to this effect took place at the board’s Regional Tax Office (RTO) on Saturday. Officials of the Broadening of Tax Base (BTB) wing briefed FBR Chairman Jahanzeb Khan on the matter.
The chairman was informed that buyers of these properties had misreported their transaction amounts. These individuals will be notified to explain their sources of income.
In a similar measure, the federal institution plans to investigate traders operating businesses at newly constructed plazas and markets. The FBR officials have been directed to investigate shops hosting huge inventories.
The purpose of this operation is to bring unregistered shopkeepers and traders into the tax net. Moreover, the agency has decided to conduct surveys of existing markets in a bid to generate additional revenue.
