Islamabad: The Federal Board of Revenue has reportedly raised an income tax demand of approximately Rs1.82 billion against Faisal Town Private Limited over the alleged understatement of taxable income for Tax Year 2020. According to media reports citing an assessment order issued by the Large Taxpayers Office Islamabad, the dispute concerns the method used to recognise revenue from a long-term housing project. FBR rejected the developer’s revised project cost estimate, saying adequate supporting documents were not provided. The tax authority consequently recalculated the project’s completion ratio at 44.73 percent and assessed taxable income at approximately Rs6.14 billion. Applying the relevant corporate tax rate resulted in a reported liability of around Rs1.82 billion. The assessment may still be challenged through the available tax appeal process.
