Sargodha: The Federal Board of Revenue (FBR) has decided to initiate legal proceedings against individuals found using residential property for commercial purposes, a news source reported. To facilitate these measures, the board has begun compiling lists of such property owners.
Several business such as general stores, bakeries and electronic stores are being set up in houses. This illegal practice is causing financial loss to the national exchequer; since the owners have not acquired commercial metres and are running their operations on residential water, gas and electricity connections.
Moreover, these individuals haven’t registered their businesses with the authorities concerned in order to avoid the imposition of commercial property tax.
To cope with the situation and attend to the non-conforming usage of property, the FBR has formed a list of several such businesses. Similarly, it has begun notifying the people who have converted their residential properties into commercial ones without seeking official approval.
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.
