Islamabad: To increase revenues, the Federal Board of Revenue (FBR) has decided to bring millionaires into the tax net, reported a news source. In this regard, countrywide surveys are being carried out to identify owners of luxury properties.
The board is looking to increase its tax revenue by 400% in the next two years.
According to sources, a survey of posh areas has begun in Karachi, Islamabad, Lahore, Rawalpindi, Multan and Quetta. This assessment is being conducted to find details of the owners of commercial and residential properties in the said affluent regions. Further details of investors active in new real estate developments are also being probed.
The survey will help FBR determine the rental income earned by commercial property owners. In addition, it will enable the board to find out whether or not the owners currently fall under the tax net. Details on the sources of income of owners and residents (of luxury properties) are also being collected. The survey also aims to identify the owners of vacant plots in various housing schemes.
Based on survey findings, the board will send collection notices to potential taxpayers currently out of the tax net. Sources from FBR revealed only 1,500,000 citizens pay taxes at the moment. The revenue authority is looking to increase this number to 8,000,000 in the next two years.