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FBR Estimates Billions Of Rupees Property-Tax Recovery - Salman - 10-25-2013 07:07 PM
Karachi – As per data collected by the RTO (Regional Tax Office), there is a difference of Rs. 113 billion between the market value and the official records maintained by the Sindh Government for 11,600 residential and commercial plots in DHA (Defence Housing Authority). The values of these properties have not been modified since 2010.
According to the Income Tax Ordinance, 2001, if anyone owns a land of 250 square yards or more is liable to file tax returns. However, none of the owners of 11,600 properties have trailed any return, said RTO Officials.
Calculations done by the RTO unveil that these property owners are obligated to pay FBR a property tax of Rs. 34 billion in total, on the difference between the market value of properties and values recognized by the Sindh Government.