Islamabad: The Federal Board of Revenue (FBR) has plans to audit retailers and real estate taxpayers in a bid to take decisive action against tax evaders, according to news published in the leading newspaper on October 8.
The FBR has devised a new strategy targeting retailers and real estate taxpayers who have filed their income and sales tax returns. Through this initiative, the FBR field offices will carry out audits on the income tax and sales tax records of retailers. Retailers have been strongly advised to exercise utmost diligence in their Income Tax and Sales Tax return filings to avoid any inadvertent errors.
Similarly, a robust strategy has been devised to identify instances of tax evasion within the real estate sector. In a departure from the previous approach of selecting cases through balloting, sources indicate that tax offices will now have the authority to initiate audits of real estate taxpayers based on their discretion.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
