FBR to Audit Cooperative Housing Societies in Lahore
According to news reports, the Federal Board of Revenue (FBR) has decided to conduct an audit of the 55 cooperative housing groups.
According to the information provided, the board has requested that the authorities provide the last five years’ worth of property sale and purchase records from the designated housing societies. The tax authority has given the aforementioned societies a 15-day deadline for the delivery of these records, or else they risk legal action.
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A taxation procedure for transactions made by cooperative housing societies was also released earlier this month by FBR, along with instructions to the tax collection offices to ensure the recovery of past-due taxes from the corresponding sales and purchases.
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