Real Estate Tax Evaders List has been prepared

The Federal Board of Revenue has prepared a list of people who invested in the real estate sector during the last two years but didn’t pay any taxes against these transactions, reported a news source. The 16,000 people listed down have invested revenue worth billions of rupee in the property market.

According to statistics maintained by Pakistan Revenue Automation Limited (PRAL), 80,000 real estate transactions were recorded during the last two year. The value of these transactions, if calculated according to DC rate, amounts to PKR 800 billion, while the real figures stand much higher than this. Some of these people among the 16,000 have national tax numbers, while the rest aren’t part of the tax net yet.

PRAL keeps a record of all property transactions carried out for immovable assets more expensive than PKR 4 million. It is important to note here that in order to document the real estate sector, the government has made it mandatory that only income tax return filers can buy property more expensive than PKR 5 million.