Tax revenue: ABAD members pay fixed tax amounting to Rs7m

ABAD had proposed to the federal government to add a fixed tax regime for the construction industry

KARACHI: Inland Revenue Chief Commissioner Dr Tariq Masood, while praising the voluntary tax payment by members of the Association of Builders and Developers of Pakistan (ABAD), said that he will recommend an up to 20% discount for these taxpaying developers to the Federal Board of Revenue (FBR).

He was talking to a delegation of ABAD led by its Senior Vice Chairman Muhammad Hassan Bakshi at the Regional Tax Office here. Senior representatives from ABAD handed over cheques of more than Rs7 million on behalf of 20 builders, who have started new residential and commercial projects in Karachi.

Earlier, ABAD had proposed to the federal government to add a fixed tax regime (FTR) for the construction industry in the budget 2016-17 because of unavailability of a proper taxation system for builders and developers.

Published in The Express Tribune, November 13^th, 2016.

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