Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial. PHOTO: FILE
Federal Board of Revenue Chairman Rashid Mahmood Langrial has said that people who flaunt expensive lifestyles on social media are under scrutiny and action in the tax agency’s intensified nationwide campaign against tax evaders.
He revealed that 30 people who showed wealth online but declared low income in their tax returns have already been issued 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 Rs 40 billion. in sales tax collected from the sugar industry during the past year.
He said that the previous distinction between the prices of taxed and untaxed sugar has been eliminated and challenged anyone to identify those still holding untaxed sugar stocks, warning that the strictest possible action would be taken against them.
The FBR Chairman announced the appointment of a Chief Enforcement Commissioner who will lead all actions against tax evaders across the country.
He said measures to block the movement of smuggled goods have been intensified, adding that smugglers have caused losses to the Customs and two revenue officials were martyred during operations. Despite these challenges, he confirmed that the fight against smuggling will continue.
FBR issues new valuations for Islamabad plots across 68 locations
Meanwhile, the FBR has issued new valuations for residential and commercial plots across 68 locations in Islamabad, a move expected to increase transparency in the capital’s real estate market. The new rates will determine the market value of real estate and will affect both capital gains and withholding tax.
According to the FBR, the updated valuations are likely to increase tax revenue from real estate transactions in Islamabad.
As per the new schedule, plots in Sector E-7 have been assessed at Rs600,000 per acre. square meter, while F-7 and F-6 are priced at Rs500,000 per F-8 plots 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 have been awarded a value of Rs 180,000. per square meters, 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 values are set at Rs11.2 million in Chak Shahzad, Rs14 million in Orchard Scheme and Rs10.5 million in Gulberg Green per kanal. In I-9 and I-10, the valuation per channel has been raised to Rs18 million.
The FBR stated that these new valuations will standardize real estate prices, improve transparency in transactions and potentially increase government revenue from the real estate sector.
