FBR audit of real estate filers in works to catch tax evaders

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.

Read: FBR Exceeds First Quarter Tax Collection Target, Extends Filing Deadline

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.

Read: FBR Announces Crackdown On Tax Evaders In Pakistan

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.

For more news and updates check out RBS.

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