Islamabad: The Federal Board of Revenue (FBR) has completed its preliminary investigation into the alleged cases of tax evasion and fraud in the real estate sectors of Lahore, Karachi, and the federal capital – a news source reported.
According to FBR’s report, over 2,000 owners of commercial buildings in these three cities have evaded taxes worth PKR 2 billion. Similarly, the board has also identified individuals who have paid little to no tax on their held properties and assets.
Moreover, the FBR has directed its regional offices in Islamabad, Karachi and Lahore to initiate an inquiry into the matter. The board also plans to expand the scope of its crackdown against tax evaders to other cities.
Last week, Prime Minister (PM) Imran Khan presided over a special meeting with regard to reforming the federal institution. Khan emphasised on the need to restore public trust in the taxation system.
Finance Minister Asad Umar, State Minister for Revenue Hammad Azhar, FBR Chairman Jahanzeb Khan, and other officials concerned, were all present at the occasion.
