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FBR recovers Rs 1300 million in 12 tax evasion cases against housing societies
01-26-2015, 03:44 PM
Post: #1
FBR recovers Rs 1300 million in 12 tax evasion cases against housing societies
ISLAMABAD: The Federal Board of Revenue (FBR) has recovered Rs 1300 million in twelve cases of tax evasion committed by housing societies in the jurisdiction of the federal capital.
“In the remaining cases assessment and recovery proceedings is under process” a well placed source at FBR told this scribe here on Friday adding that tax evasion to the tune of Rs 2329 million was detected in forty two cases Housing Societies of Islamabad.
The source said that due to the devolution of powers to provinces under 18th constitutional amendment, the FBR was almost unable to levy and collect Capital Value Tax (CVT) from the sale/purchase of the property.
The source added that the real state sector had tremendous potential for revenue generation by incorporating capital gains on immovable property through the enactment of new tax laws with proper documentation and registration of sales/purchase of property and a dire need to reactivate the enforcement wing of Inland Revenue Service (IRS).
The source added that real state agencies were earning huge income from the property sector (real state/sale and purchase of immovable property) and this income was not being taxed at all as they could not collect any tax over income due to the constitutional bar.
“As per ICT (Zoning) Regulation 1992, Islamabad Capital Territory has been divided into five zones and two zones, including Zone-2 and Zone-5, have been earmarked for development of housing schemes by the private sector” the source added.
Moreover, the source said that in a bid to evade tax, these housing societies in a complete violation of the federal cabinet decision of 2004 managed to get public utilities continued which had caused mushroom growth of illegal housing projects. The source observed that thee housing projects did not paying due taxes on the sale of property to dwellers.
“The concerned departments including as Water and Power Development Authority (WAPDA), Sui Northern Gas Pipelines Limited (SNGPL) and Pakistan Telecommunication Company Limited (PTCL) had been asked in the said decision of the Federal Cabinet not to provide connections to the housing societies which did not comply with the zoning laws in the capital’s Zone II, III and IV unless an NOC is obtained by the applicant from CDA” the source observed.
The source said that management of the illegal housing schemes were warned to stop making any publicity/marketing/booking/sale of plots and making any type of construction in the illegal housing schemes but to no avail as they can easily get utility services like electricity, phone and gas.
The source disclosed that unauthorized housing schemes as per CDA record in zone-2 include Green City, Sector D-17, E-17; Gulshan-Rehman Sector C-17,D-17; Islamabad Co-operative Farming Scheme, Sector D-17; Jammu & Kashmir Sector F-15; Pakistan Town Phase-II G-16,F-16; Supreme Court Employees Housing Scheme G-17 and Pakistan Overseas Housing Scheme, Sector F-16.
The unauthorised housing schemes in zone-5 include Media Town; National Police Foundation PWD Road, off Islamabad Highway; Pak PWD off Islamabad Highway; Pakistan Town, Phase-II,PWD Road off Islamabad Highway; Askaria Town, off Japan Road; Bankers City, off Dharwala Road; Bankers Town, Kahuta Road; Fatima Villa, GT Road; Gulshan-e-Danish, GT Road; Gulshan-e-Rehman , off Japan Road; Hamza Town, Kahuta Road; National Co-operative (former Aewan-e-Sadar), Kahuta Road; Tele Town, off Japan Road; Azim Town, off Kahuta Road; Dhanyal Town , off Kahuta Road; Fatima Valley, Japan Road; Ghouri Town, Phase-10, Islamabad Highway; Judicial Employees Housing Scheme , Kirpa Chirah Road; Rasheed Town, Japan Road; River View , off Kahuta Road and Television Media Town.
Moreover, unauthorized housing schemes in Zone-4 include Al-Qamar Housing Scheme near Margalla Town Phase-II; Adil Valley, Simly Dam Road; Ali Model Town; Al-Nahal Housing Scheme, Simly Dam Road; Al-Syed Avenue, Park Road; Burma Town, Lehtrar Road; Commoners Sky Garden (Flower Valley); Doctor’s Enclave, Simly Dam Road; Ghouri Town (All Phases ), Islamabad Expressway; Ghouri Gardens, Lehtrar Road; Green Avenue, Park Road; Green Avenue-II, Kuri Road; Green Valley (1&2), Simly Dam Road; Green View Villas, off Lehtrar Road; Gulberg Housing Scheme (Pahse-2),Lehtrar Road; Hameed Town (Mouza Mohrian), Kuri Road; Hill View Houses, Simly Dam Road; Iqbal Town, Islamabad Expressway; Islamabad Saif Garden, Kirpa Road, off Lehtrar Road; Japan Valley, Kirpa Road, off Lehtrar Road, Kiani Town, Kirpa Road, off Lehtrar Road; Madina Town, Islamabad Highway; Marwa Town , Islamabad Highway; Media City-I, Kirpa Road, off Lehtrar Road; Mufti Mehmood Enclave, off Lehtrar Road; Muslim Town, Simly Dam Road; Muzaffar Abad Town (Pind Bhegewal), Simly Dam Road; New University Town (near COMSATS),Park Road; OGDC Town, near Chattar, Murree Road; Park Lane Valley, Park Road; PTV Colony, Simly Dam Road; Royal Avenue, Park Road; Royal City/Royal Villas (near PINSTECH,Nilore), Lehtrar Road; Samaa Town, Kirpa Road, off Lehtrar Road; Satti Town, Lehtrar Road; Simly Valley (1&2), Simly Dam Road; Spring Valley, Simly Dam Road; Adil Farms, Simly Dam Road; Badar Farms, Simly Dam Road; Government Officers Co-operative Farming Scheme; Green Fields, Simly Dam Road; Islamabad Farms, Simly Dam Road; Naval Farms (4, 5 & 8-Kanals), Simly Dam Road; Olive Wood Farms, Simly Dam Road; Shaheen Farms, Simly Dam Road and M/s Tricon Agro Farms, Simly Dam Road.
Similarly, a large number of housing schemes falling within the jurisdiction of Rawalpindi administration have no approval from the concerned departments.
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