Islamabad: The Federal Board of Revenue (FBR) has launched an investigation into non-filers who purchased pricey homes in the provincial capital before the end of the fiscal year (July 2020-21). (FY21), According to a senior FBR official, the bureau’s regional tax office in Lahore had gathered information on 5,491 non-filers.
“It’s worth noting that these non-filers have paid tax under Section-236 of the Internal Revenue Code but have yet to enter the tax net.” He stated, “The process of mailing notices to all such non-filers has begun.”
According to reports, the government provided a rescue package to the building industry during the Covid-19 lockout, and many people who were unaware of the terms of the programme began investing in luxury mansions.
“These folks were under the notion that the relief package included property purchases and sales, whereas in fact it only covered commercial construction.” “If the FBR broadens the scope of its probe, it will discover that many non-filers have also invested in housing projects outside of Lahore and are therefore outside the tax net,” they said.