Table of Contents

FBR Issues Tax Notices to Corporate Housing Schemes

According to press reports, the Federal Board of Revenue (FBR) in Islamabad has instructed its field formations to regard Cooperative Housing Societies (CHS) as corporations for tax reasons and to ensure that CHSs file their income tax returns correctly with audited accounts on an accrual basis.

Read More: CPEC to Enhance Pakistan’s National Strength, Int’l Status: Global Times

In this regard, the FBR issued circular number 3 in 2022, instructing formations to address pending CHS revenue collection cases. All previous circulars and directives pertaining to this topic have been rescinded. It was claimed in this circular that the taxation of CHS registered under the Cooperative Societies Act of 1925 had encountered three issues.

• First, real estate projects take longer to finish than other sorts of projects, making it difficult to track income and expenditures.

• Secondly, CHSs have claimed tax exemption under the ‘Doctrine of Mutuality’ It indicated that no entity can produce a profit or income by conducting commerce with itself.

Read More: DHA Multan Launches Agora Shopping Complex

• Thirdly, the varying treatment of CHSs throughout formation has led to inconsistent case law, further complicating the situation.

As a result, the exchequer received below-average revenues while CHS compliance costs soared.

For more information, please get in touch with Al Sadat Marketing.

You can also invest in other famous and most in demand housing societies, such as , Blue World CityRudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom ValleyNew Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.

Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/

Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart CitySilver City Islamabad, The Life ResidenciaFaisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

Book Your Plot Now: +92 331 111 0005

Tags :

Share :

About Author
About Author

Syed Sadat Hussain Shah

Leave a Reply

Your email address will not be published. Required fields are marked *