ISLAMABAD: The Islamabad Capital Territory (ICT) administration’s revenue wing collected Rs60 million under the Capital Value Tax (CVT) in a short period of three weeks, documents available with NayaDaur Media show.
According to the documents, the federal government in 2012 introduced CVT through which Rs60,000 as tax would be collected from the housing societies established in the rural areas of Islamabad for transferring one kanal of land in the area under the CVT category.
The documents added that the said tax was challenged in the court and the matter were pending for more than six years but later the court directed tax collection under the CVT rules.
Talking to media, Additional Deputy Commissioner (ADC) Waqar Hassan Cheema said after the permission granted by court, the revenue department collected Rs60 million and officials had been directed to collect another Rs 80 million in the coming two weeks under the CVT.
He added that notices had served to around 110 housing societies in Islamabad to submit their taxes, adding that the revenue department would submit Rs 1 billion to national exchequer.
Cheema said the housing societies had been warned that in case of failure, their land would be confiscated.
According to the documents, the federal government in 2012 introduced CVT through which Rs60,000 as tax would be collected from the housing societies established in the rural areas of Islamabad for transferring one kanal of land in the area under the CVT category.
The documents added that the said tax was challenged in the court and the matter were pending for more than six years but later the court directed tax collection under the CVT rules.
Talking to media, Additional Deputy Commissioner (ADC) Waqar Hassan Cheema said after the permission granted by court, the revenue department collected Rs60 million and officials had been directed to collect another Rs 80 million in the coming two weeks under the CVT.
He added that notices had served to around 110 housing societies in Islamabad to submit their taxes, adding that the revenue department would submit Rs 1 billion to national exchequer.
Cheema said the housing societies had been warned that in case of failure, their land would be confiscated.