ISLAMABAD: A three-year grand scheme to carry out surveys for tax assessment, evaluate wealth parked in real estate and implement a new value added tax system all over the country has been approved by Prime Minister Imran Khan.
The plan includes setting up the Pakistan Revenue Authority by June 2020 and reshuffling the Federal Board of Revenue (FBR) in interim period.
The nationwide tax assessment and documentation drive is set to launch from November 30, with the relevant authorities being directed to complete the task within two years and submit detailed proposals later.
According to the Prime Minister’s directives, surveys of immovable properties – starting with the industrial area in Islamabad this month – will also be conducted and concluded over the next two years. The Ministry of Interior and Ministry of Defence will also be involved to ensure smooth and timely completion of the project.
Additionally, the FBR has been instructed to implement the value added tax regime for the business sector over the next three years, with June 2022 being the deadline for the total implementation of VAT.
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