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Inland Revenue to collect capital value tax

Inland Revenue to collect capital value tax

ISLAMABAD: The Inland Revenue has decided to check the record of private housing societies to collect capital value added tax. The department has issued notice to one of the five societies situated in sector E-11 as it did not pay Rs 15 million capital value tax. It has also been decided to check the records of other societies of the federal capital. The Federal Board of Revenue (FBR) will be able to collect maximum revenue by bringing the tax defaulters under tax net who have property of millions. Most of them are industrialists, politicians and senior bureaucrats. However, the Inland Revenue will leave no stone unturned to collect taxes and will not kneel down to any pressure.