Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial. PHOTO: FILE
Federal Board of Revenue Chairman Rashid Mahmood Langrial said individuals flaunting expensive lifestyles on social media were facing scrutiny and action as part of the Board of Revenue’s intensified national campaign against tax evaders.
He revealed that 30 people who presented their wealth online but declared low income in their tax returns have already received notices and daily progress reports on anti-tax evasion operations are being prepared.
Speaking to reporters in Islamabad, Langrial said significant improvements have been seen in revenue collection, noting an increase of Rs40 billion in sales tax collected from the sugar industry over the past year.
He said the previous distinction between taxed and untaxed sugar prices had been removed, and he challenged anyone to identify those still holding stocks of untaxed sugar, warning that the strictest possible action would be taken against them.
The FBR Chairman announced the appointment of a Chief Enforcement Commissioner who will direct all actions against tax evaders across the country.
He said measures to block the movement of smuggled goods have been intensified, adding that smugglers caused losses to customs and two tax officials were killed during the operations. Despite these challenges, he said the crackdown on smuggling would continue.
FBR releases new valuations for Islamabad plots on 68 sites
Meanwhile, the FBR has released new valuations of residential and commercial land spread across 68 localities in Islamabad, a move that is expected to increase transparency in the capital’s real estate market. The new rates will determine the fair market value of real estate and will impact both capital gains and withholding taxes.
According to the FBR, the updated assessments are likely to increase tax revenue from real estate transactions in Islamabad.
According to the new scale, plots in sector E-7 have been valued at Rs 600,000 per square meter, while plots F-7 and F-6 are valued at Rs 500,000 per square meter. Plots F-8 are now valued at Rs 450,000, F-10, F-11 and G-6 at Rs 350,000, and D-12 and I-8 at Rs 250,000 per square meter.
E-11, G-8 and G-9 were assigned a value of Rs 180,000 per square meter, G-10 at Rs 160,000, G-7 at Rs 140,000 and C-14 at Rs 100,000.
For larger plots measured in kanals, the maximum valuations have been fixed at Rs 11.2 million in Chak Shahzad, Rs 14 million in Orchard Scheme and Rs 10.5 million in Gulberg Green per kanal. In I-9 and I-10, the valuation per canal has been increased to Rs18 million.
The FBR said these new assessments will normalize property prices, improve transparency of transactions and potentially increase government revenue from the real estate sector.
