FBR unearths 16,000 tax evaders with investments in realty sector

[Kabira]

ISLAMABAD: To ascertain investments of non-filers in the real estate sector, the tax regulator has unearthed over 16,000 tax evaders who paid zero taxes in spite of investing billions in the previous two years.

The 16,000 individuals identified by the Federal Board of Revenue (FBR) didn’t even have national tax numbers (NTN), reports Dawn.

They were identified after the FBR conducted an exercise to unearth investors who invested billions into the realty sector but weren’t brought under the tax net by the tax regulator.

In the last two years, over 80,000 transactions worth around Rs800 billion (according to deputy commissioner rates) were recognized however the market value of these transactions is probably going to be much higher than the aforementioned figure.


Pakistan Revenue Automation Limited (PRAL) collected this data and it is a subsidiary of the tax regulator which is responsible for automatically detecting real estate investments crossing Rs4 million and notes it on the FBR’s system.

According to a well-placed source at the FBR, the tax regulator had initiated the process of issuing notices to high net worth individuals who aren’t registered with them.

He shared the FBR will initiate issuing notices to those individuals who are registered as filers but avoid filing their returns.

The source said in the first phase 200 notices had been sent to these individuals across Pakistan and it is an ongoing process and all these people will be sent notices in the next phases.
https://profit.pakistantoday.com.pk...ax-evaders-with-investments-in-realty-sector/

 

[Hakikat ve Hikmet]

Looks like Imran Bey is really after the money!!!! And, hopefully, he'll get it....

If it's like $1m per evader then it's like $16b then and there just from the real estate!!!! No wonder 250K armed-to-the-teeth guards in escort cars are required in Karachi alone!!! These guards may be the first to lose jobs....

 

[Pakistansdefender]

Looks like Imran Bey is really after the money!!!! And, hopefully, he'll get it....

If it's like $1m per evader then it's like $16b then and there just from the real estate!!!! No wonder 250K armed-to-the-teeth guards in escort cars are required in Karachi alone!!! These guards may be the first to lose jobs....

Bro we Pakistanis have a problem only that's why we are this poor and backward nation.
We have a problem of short term memory and we demand everyone to follow rules unless and until the rules are applied to one person.
I don't think this nation deserve Imran.
As I always said. They are slaves. They want masters. They don't know what to do with this new found freedom. Our nation has been slaves for so long that we are addicted to being slaves of the masters.
We cannot avoid it.

 

[Hakikat ve Hikmet]

Bro we Pakistanis have a problem only that's why we are this poor and backward nation.
We have a problem of short term memory and we demand everyone to follow rules unless and until the rules are applied to one person.
I don't think this nation deserve Imran.
As I always said. They are slaves. They want masters. They don't know what to do with this new found freedom. Our nation has been slaves for so long that we are addicted to being slaves of the masters.
We cannot avoid it.

I hope this time it's for real....

 

[Dazzler]

I hope this time it's for real....

They seem to be in the right direction so far, though the hurdles are tremendous to the extent that even the bureaucratic thugs are behaving like stubborn kids as if they'll get the upper hand against the government. NS and AZs have corrupted the entire system.

A major surgery is needed.

 

[SSGcommandoPAK]

So what action will be taken against these tax evaders ?

 

[AZADPAKISTAN2009]

80,000 transactions worth around Rs800 billion
800,000,000,0000 Rupee ~ 6.4 Billion Dollars


960 Million Dollar worth of tax is over due @ 15% Taxation rate for property Tax on buy/sale

For 16,000 individuals divided equally comes to about 60,000 USD each which is not a big figure to pay if the buy/selling was approximately equally done by the 16,000 individuals

An average person in North America coughs up about 15,000-25,000 USD in taxes

 

[Hakikat ve Hikmet]

They seem to be in the right direction so far, though the hurdles are tremendous to the extent that even the bureaucratic thugs are behaving like stubborn kids as if they'll get the upper hand against the government. NS and AZs have corrupted the entire system.

A major surgery is needed.

IK government needs to be extremely hard on them!! They're like a coterie!! An empty house is better than a bad tenant!! Fire them faster than even President Trump!!!!!

So what action will be taken against these tax evaders ?

During the times of the General Mobilization, a term from the World Wars, governments used to confiscate the private properties.....

 

[BetterPakistan]

So where are those whom were saying Asad Umar is not doing anything?

 

[hussain0216]

So what action will be taken against these tax evaders ?

Our jahil public will try to vote them into power if they support Nawaz Sharif

 

[Abdussamad]

I bet it's Aziz from Shaheen road:

Like the Panama Papers episode, the tax notices have again been sent on the basis of incomplete information. The notices have been sent to addresses like ‘Aziz Shaheed Road’, without mentioning home or street address.

Source