The following warnings occurred:
Warning [2] count(): Parameter must be an array or an object that implements Countable - Line: 802 - File: showthread.php PHP 7.4.29 (Linux)
File Line Function
/showthread.php 802 errorHandler->error





Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Karachi: FBR implements strategy to track property transactions in DHA
10-08-2009, 05:30 AM
Post: #1
Karachi: FBR implements strategy to track property transactions in DHA
SOHAIL SARFRAZ
ISLAMABAD (October 08 2009): The Federal Board of Revenue has found that owners of over and above 6,000 properties in Karachi alone are out of the tax net for which an enforcement strategy has been implemented to register owners of property. It is learnt here on Wednesday that around 4,000 buyers have purchased properties in rest of the country from July 2009 onwards.

Out of 4,000 property transactions, around 2,000 are not in the tax net. If 6,000 properties of Karachi are included in the 2,000 figure, approximately 8,000 properties are out of the tax net across the country. Sources told Business Recorder that the FBR is intended to install a computerised system at 129 offices of provincial/district registrars of property for recording property transactions and accurate calculation of capital value tax (CVT) on property.

The FBR is also planning to install the CVT system at banks to issue computerised payment receipts and documentation of the property transactions. The computerised system would feed data and automatically calculate CVT based on the size of the plots. It is important to note that hundreds of housing societies are operating across the country. These housing societies would also be linked with the CVT computer system for monitoring and registration purposes.

There are 25 registrars of property at Karachi including one Defence Housing Authority (DHA). The FBR pilot project for installation of the CVT computerised system at the property offices including DHA was successful. In this regard, computers have been installed at the property offices in Karachi.

During pilot project, it has been confirmed that more than 6,000 property owners have neither obtained the National Tax Numbers (NTNs) nor filing their income tax returns. The FBR has developed a system to generate computerised notices to such owners of property operating out of the tax net.

In almost all the Regional Tax Offices (RTOs), the automatic calculation of CVT system is in place, which operates through the National Bank of Pakistan (NBP) and the same is being used by the registration authorities. The same facility is being installed at the State Bank of Pakistan (SBP).

Besides automatic calculation of the CVT, the system has the ability to identify NTN holders and non-NTN holders. When asked about techniques used to split property to evade CVT, sources said that it is not easy to split the size of any plot.

For this purpose, they have to first obtain permission from the relevant provincial registration authorities, which is not an easy task. The fee for splitting bigger size of plot into two for avoiding CVT could be higher than the amount of CVT involved. However, sources admitted that the doubling of CVT on immovable property has encouraged people to avoid payment of the levy.

Other measures to broaden the tax base included utilisation of data from 28 motor vehicles registration authorities across the country. Sources said that the analysis of withholding statements has detected Rs 0.19 million business transactions, which are out of the tax net. The notices have been issued to such non-compliant taxpayers under Income Tax Ordinance 2001.

The database of the FBR has now been fully utilised with the help of Pakistan Revenue Automation Limited (Pral). The information from big hospitals and medical centers, clubs, airports and other sources of information have been used to bring potential taxpayers into the tax net. The Pral data has been given to the RTOs under the enforcement plan. It has been advised to the taxpayers to accurately declare their income, which would become difficult to conceal due to authentic database maintained by the FBR. Referring to the kiosks and tax facilitation centres (TFCs).

http://www.brecorder.com/index.php?id=969329
Quote this message in a reply
Post Reply 


Messages In This Thread
Karachi: FBR implements strategy to track property transactions in DHA - Naveed Yaseen - 10-08-2009 05:30 AM

Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  FBR Mandates Monthly Property Transfer Statements for Immovable Property Transactions LRE-Azan 0 579 12-30-2023 05:32 PM
Last Post: LRE-Azan
  FBR Unveils New Strategy for Taxpayer Registration in Remote Areas LRE-Azan 0 608 10-11-2023 07:14 PM
Last Post: LRE-Azan
  FBR Plans Crackdown Against Cash Transactions In Real Estate LRE-Azan 0 608 09-20-2023 07:28 PM
Last Post: LRE-Azan
  Property transactions generate PKR 81 billion in revenue Federal Board of Revenue LRE-Azan 0 1,090 01-24-2023 03:22 PM
Last Post: LRE-Azan
  Railways to lay new track between Karachi, Gwadar Salman 0 4,329 02-25-2014 01:26 PM
Last Post: Salman
  Punjab Growth Strategy 2018 being evolved: Shahbaz Salman 0 4,528 02-19-2014 04:32 PM
Last Post: Salman
  ISLAMABAD / LAHORE / KARACHI : Rise and fall in property prices Salman 0 7,951 11-25-2013 01:35 PM
Last Post: Salman
  CDA to build 44-kilometre-long cycling track in Islamabad Salman 0 6,166 09-30-2013 03:42 PM
Last Post: Salman
  CDA evolves comprehensive strategy to enhance revenue Salman 0 4,043 05-04-2013 05:58 PM
Last Post: Salman
  Underpass at Chaklala railway track approved Salman 0 4,023 04-07-2012 12:36 PM
Last Post: Salman
  Property dues to be recovered by Karachi Development Authority Salman 0 4,102 04-02-2012 12:46 PM
Last Post: Salman
  Govt eyes adoption of Indian strategy to meet labs’ shortage Salman 0 4,216 03-08-2012 02:56 PM
Last Post: Salman
  PM orders strategy for new housing in capital Salman 0 3,701 01-06-2012 01:32 PM
Last Post: Salman
  Karachi Property New : KMC reclaims 5,713 acres of land from encroachers Salman 0 3,848 01-04-2012 02:25 PM
Last Post: Salman
  Back on track Railways to relaunch its freight service Lahore_Real_Estate 0 3,850 01-02-2012 01:57 PM
Last Post: Lahore_Real_Estate
  Economy getting back on track: Shaikh Salman 0 4,193 12-04-2011 02:27 PM
Last Post: Salman
  Pakistan, IDB finalise $3bn 'Country Partnership Strategy' Lahore_Real_Estate 0 3,941 12-03-2011 12:04 PM
Last Post: Lahore_Real_Estate
  Karachi Property News :Naya Nazimabad City Salman 0 8,541 11-20-2011 12:35 PM
Last Post: Salman
  Karachi Property News : Rainbow Sweet Homes Salman 0 5,654 11-15-2011 02:40 PM
Last Post: Salman
  Karachi Property News : Chapal Uptown Salman 0 4,778 11-11-2011 12:36 PM
Last Post: Salman

Forum Jump:


User(s) browsing this thread: 1 Guest(s)