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.
Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City or Blue World City Islamabad.