Islamabad: The Federal Board of Revenue (FBR) has decided to conduct real estate surveys – similar to the ones held in Karachi earlier – in all the major cities across the country, according to a news source.
A survey of the real estate sector of Karachi was conducted on tax evasion, the results of which were shocking, a senior FBR official told news reporters. Based on the findings of that survey, the FBR has decided to conduct similar surveys in other major cities.
According to the news report, the survey results revealed that the real estate industry in Karachi is expanding at a rapid pace. Most of the real estate constructors selling luxury apartments at expensive rates in multi-storey buildings are not registered with the tax departments. Surveys will be conducted to find out more about the situation in the real estate markets of Islamabad, Lahore, Peshawar, Quetta, Gwadar, Faisalabad, Multan and all the other main cities.
In addition to the survey results, the existing data of field formations will also be used to find potential taxpayers and bring them into the tax net. Reportedly, after spotting the tax evaders, the FBR will collect due charges from them along with a fine.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
