- FBR is looking for an fia aid to a deeper probe.
- The agents used the free market for transactions.
- The goods sector requires a decrease in tax rates.
Islamabad: The Federal Board of Return (FBR) has prepared a list of more than 70 real estate agents who would have been involved in the delivery of dollars to the United Arab Emirates (Water) via Hundi / Hawala to invest in real estate markets, causing pressure on the exchange rate in recent days, The news learned.
The main official sources have confirmed in the background discussions that a substantial amount of liquidity had been transferred to foreign currencies, in particular the US dollars of the free market and sent to water via Hundi / Hawala for having made investments in real estate.
The amount is transformed into millions of dollars because the exchange rate has experienced slight pressure in recent weeks.
“The FBR has raised a sound The news Tuesday.
“It is the point of a mega scandal but requires more in-depth investigations of the FIA and other relevant authorities,” they revealed.
The competent authorities have prepared a list of more than 70 real estate agents who obtained species from their customers and converted it into currencies from the free market.
Then, they brought the currencies to the United Arab Emirates markets to make investments in the real estate sectors, sources said.
The magnifications of the property warned the government that the investment could pass to water if the tax rates and no limits posed question should go from RS10 to RS25-50 million under the bill for modifying the tax laws proposed 2024, which was still pending before the permanent committee of the National Assembly on finance and income.
However, the FBR has received a period of two months to develop an application to make volunteer modifications in the declarations filed so that the value of the declared assets can be voluntarily changed.
According to the prepared list, the FBR and other relevant departments have noted that some real estate agents are involved in the creation of currencies with the Dubai market.
Contacted by representatives of the real estate sector, they declared that it was a routine practice that money had been transferred with the help of exchange companies for investments in Dubai, because there was no question about the source of income.
Thus, around two million dirhams were transferred to buy properties. Such a practice has continued in recent years.
They said they had asked the government to provide incentives to discourage currency transfer via Hawala / Hundi, as there was an urgent need to reduce property taxes.
Originally published in The news