The Federal Board of Revenue (FBR) has successfully auctioned a 527 Kanal and 10 Marla property owned by Bahria Town in Murree District to recover outstanding due tax liabilities.
The Bahria Town in Murree property, located at Mauza Kathar Sharqi, Angori Road, Tehsil Murree, District Rawalpindi, was offered for public auction following several unsuccessful attempts, in pursuance with the provisions of the Income Tax Ordinance, 2001, and the Income Tax Rules, 2002.
The auction was carried out by Federal Board of Revenue against outstanding tax default worth Rs. 26.47 billion.
It is worth noting that previously renowned businessman Musawar Abbasi had offered the highest bid in the auction. But conclusively, the latest auction ended with a different buyer submitting the highest bid. The recent buyer is also Pakistani businessman.
Following the unsuccessful attempt to complete the transaction, the FBR issued a new auction notice. The notice clarified that the tax authority reserved the right to accept or reject any bid without showing any reason.
According to sources, the total amount for the property, inclusive of all statutory charges, was approximately Rs. 825 million.
Earlier, in a major development, Pakistan’s National Accountability Bureau (NAB) had taken control of the Bahria Icon Tower in Karachi, a property estimated to be worth over Rs100 billion. The action was reportedly carried out under the Anti-Money Laundering Act.
Accountability Court in Rawalpindi had upheld the seizure of the Bahria Icon Tower, following which NAB handed over the building’s management to the local administration to ensure its day-to-day operations continue without disruption.
Also Read: NAB takes control of worth Rs100 billion Bahria Icon Tower in Karachi
