Karachi: The Federal Board of Revenue (FBR) has established several specialised surveillance units to monitor real estate transactions across the country, according to news sources. Further, the taxation agency plans to introduce a fixed tax regime for the country’s builders and developers.
According to officials, the FBR recently gathered all the cases of developers and builders under one special wing, established at its Large Tax Payers Unit (LTU)-II facility in Karachi, to monitor real estate business transactions. The cases of tax offices filed in Sindh and Balochistan have already been transferred to the newly established circle.
The aim of this newly created wing is to focus on the declared value in comparison with the fair market value in property transactions and the valuations of immovable property notified by the FBR. The taxpaying developers and builder will now be required to file declarations and provide details of transactions made with their clients under the Finance Act 2017.
The department has also established these special circles in Lahore and Islamabad. The capital’s circle will have jurisdiction over cases in Islamabad, Peshawar, Abbottabad, Rawalpindi, Gujranwala, and Sialkot. Similarly, the Lahore wing will have jurisdiction over cases in LTU Lahore, CRTO Lahore, RTO-II Lahore, and RTOs in Sahiwal, Bahawalpur and Multan.