Lahore: In a recent news report, the Federal Board of Revenue (FBR) has announced the decision to implement an audit of the 55 cooperative housing societies.

Read More: FBR sends tax warnings to corporate housing schemes to file tax returns

According to the information provided, the board has requested that the authorities submit sale/purchase property data from the designated housing societies for the last five years. The aforementioned societies have been given a 15-day deadline to provide these data or risk legal action from the tax office.

Read More: FY 2020-21 – FBR exceeds revised tax collection expectations

FBR also published a taxation process for cooperative housing society transactions earlier this month, instructing tax collection agencies to ensure tax amount recovery from previous years against the related sales and purchases.

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