Islamabad: According to a recent news report, the Federal Board of Revenue (FBR) has announced its decision to collect records of all non-taxpaying commercial property owners in Lahore in a bid to broaden the tax base.
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The tax office seeks to hunt down landowners who receive millions of dollars in rental revenue but don’t file returns. The people involved will face legal repercussions. The board is also contacting the Punjab Excise and Taxation Department and the Lahore Development Authority (LDA) to learn more about commercial property owners in Lahore.
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In a related growth, the FBR met its revenue collection goal in the first eight months of the fiscal year (2020-21) by producing Rs. 2,916 billion in revenue, compared to a target of Rs. 2,898 billion.
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