Islamabad: The Federal Board of Revenue (FBR) has decided to track property transaction data from the last four years to find out how much revenue was collected from real estate transactions carried out in certain areas, reports a news source. The decision was taken on delays seen in transferring full tax revenue in the national exchequer by respective withholding agents.
In this regard, the FBR has also informed the Regional Tax Offices (RTOs) and Large Taxpayer Units (LTUs) in writing to submit a detailed report on organisations, companies and individuals who purchased and/or sold commercial and/or residential properties in the last four years. In addition, details on property units sold and purchased during these years have also been sought. The RTOs and LTUs are also required to share details on how much tax revenue was collected from respective areas.
This data will be crosschecked with tax statistics maintained by the FBR. According to a senior FBR officer, tax revenue collected from the property sector is lower than its true capacity. He also revealed that while tax has been collected by the withholding agents on property transactions, the revenue is not submitted on time and in full amount.
Reportedly, the withholding agents involved in causing loss to the national exchequer will face legal charges and the due revenue will be recovered from them along with surcharge and fine.