Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial. PHOTO: ARCHIVE
Federal Board of Revenue chairman Rashid Mahmood Langrial has said people who flaunt expensive lifestyles on social media are under scrutiny and action is being taken in the revenue board’s intensified nationwide campaign against tax evaders.
He revealed that notices have already been issued to 30 people who showed wealth online but declared low income in their tax returns and daily progress reports of anti-tax evasion operations are being compiled.
Speaking to reporters in Islamabad, Langrial said significant improvements have been seen in revenue collection, highlighting an increase of Rs 40 billion in sales tax collected from the sugar industry over the past year.
He said the previous distinction between taxed and duty-free sugar prices had been removed, and challenged anyone to identify those still holding stocks of duty-free sugar, warning that the strictest possible action would be taken against them.
The FBR chairman announced the appointment of a chief commissioner for law enforcement, who will direct all action against tax evaders across the country.
He said measures have been intensified to block the movement of smuggled goods, adding that smugglers have caused losses to customs and two revenue officials were martyred during the operations. Despite these challenges, he stated that the fight against smuggling will continue.
FBR issues new valuations for Islamabad plots in 68 locations
Meanwhile, the FBR has issued new valuations for residential and commercial land at 68 locations in Islamabad, a move that is expected to improve transparency in the capital’s real estate market. The new rates will determine the fair market value of real estate and will affect both capital gains and tax withholdings.
According to the FBR, the updated assessments are likely to increase tax revenue from real estate transactions in Islamabad.
As per the new schedule, plots in sector E-7 have been valued at Rs 600,000 per square metre, while F-7 and F-6 are priced at Rs 500,000 per square metre. Plots F-8 are now valued at Rs 450,000, F-10, F-11 and G-6 at Rs 350,000, and D-12 and I-8 at Rs 250,000 per square yard.
E-11, G-8 and G-9 have been assigned a value of Rs 180,000 per square yard, G-10 Rs 160,000, G-7 Rs 140,000 and C-14 Rs 100,000.
For larger plots measured in canals, the maximum valuations have been fixed at Rs 11.2 million in Chak Shahzad, Rs 14 million in Orchard Scheme and Rs 10.5 million in Gulberg Green per kanal. In I-9 and I-10, the canal valuation has been raised to Rs 18 crore.
The FBR stated that these new assessments will standardize property prices, improve transparency in transactions and potentially increase government revenue from the real estate sector.
