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FBR seeks powers to check tax evasion

ISLAMABAD: In order to fix fair market value of property, rent and assets, the FBR is mulling over seeking powers in the coming budget 2015-16 for appointment of a panel to determine real value for the purpose of deduction of tax without any evasion.

“If the government and then parliament allow the FBR to amend Section 68 of the existing Income Tax Ordinance 2001 through the Finance Bill, then the FBR will be able to collect Rs10-15 billion by plugging loopholes of major tax evasion,” official sources in the FBR confirmed to The News here on Wednesday.

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