Regional Tax Office Karachi has formed special task force comprising some 33 teams to enhance the collection of Capital Value Tax (CVT). Sources told Business Recorder on Friday the Federal Board of Revenue has launched a campaign and issued directives to the field formations for a liaison with the offices of government and non-government organisations to plug the CVT leakage.
Acting swiftly, the task force has commenced correspondence with the offices of the government and non-government organisations to gather information regarding the owners and tenants of rental properties. They said the task force is striving to enhance the CVT collection manifold, which is presently below the projection.
They said the department hopes to collect Rs 1billion in the ongoing fiscal year as compared to Rs 500.264 million last year The collection depends on number of property transfer transactions, which could be varying according to overall economic condition of the country, sources added.
They said the RTO has suggested the board to conduct survey for updating the values of the property and added that the CVT registers and challans should be filed electronically, which would help the department monitor proper collection. Sources said the tax department has sought the assistance of the Pakistan Revenue Automation Limited (Pral) to capture the data at the time of transfer of properties.
They said the CVT kiosks are also being set up to facilitate taxpayers in term of verification of National Tax Number (NTN) besides disseminating information to the officers having the same jurisdiction. They said some 15,000 notices have been issued to the non-filers including landlords of the buildings of foreign consulates and those having 500 sq-yards plots and above.
They said the department has also extended the level of monitoring to all related authorities including DHA, KDA, MDA, LDA and consulate offices, asking them to provide complete records of the owners and tenants of rental properties.
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