Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
ISLAMABAD: The Federal Board of Revenue (FBR) is expected to increase the valuation of immovable property in major cities from 75 percent to 90 percent of the market rate.
The country’s highest tax collection authority told the Senate Standing Committee on Finance that the changes in taxes are expected to be implemented from July this year. Property prices will rise immediately after the 2024-25 budget is approved.
As the government takes steps to increase tax revenue, the FBR said it has added 1.5 lakh new tax filers in the last financial year.
However, Senator Anusha Rehman expressed concern that the number of tax filers will not increase significantly without strict measures.
The steel sector was identified as the main source of fake invoices, causing an annual loss of Rs 60-70 billion to the national exchequer.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://dailyausaf.com/pakistan/2024/06/22/32081/
