- October 12, 2023
- Posted by: Muhammad Afzaal
- Category: RBS News
According to the news reported on October 8, the Federal Board of Revenue (FBR) intends to audit retailers and real estate taxpayers to take strong measures against individuals evading taxes.
The Federal Board of Revenue has formulated a new approach directed at retailers and real estate taxpayers who have submitted their income and sales tax declarations.
Under this initiative, Federal Board of Revenue field offices will conduct audits on the income tax and sales tax documentation of retailers. Retailers have urged to exercise great care in their Income Tax and Sales Tax return submissions to prevent unintentional mistakes.
Likewise, a strong strategy has developed to pinpoint cases of tax evasion within the real estate industry.
Departing from the prior method of random case selection, sources suggest. The tax offices will now possess the ability to initiate FBR audit on real estate taxpayers at their own discretion.
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