CategoriesBusiness Real Estate

FBR Directives For Taxpayers to Keep Track of Their Financial Transactions—Online Portal Functionalized.

Property owners and other business stakeholders have been cautioned to keep track of their financial transactions by the Federal Board of Revenue (FBR). In order to obtain information about their tax and financial records kept by the board, the FBR has recommended residents to sign up for the Malomaat portal. The portal includes data from internal and external sources, including information that taxpayers have contributed through various statements and declarations. recommends the potential or existing real estate investors, property owners landlords to sign up their respective account on Malomaat Portal integrated with the FBR. The Malomaat portal is an essential tool for taxpayers to stay updated on their monetary transactions and tax records. The FBR Directives For Taxpayers has issued an official statement that all taxpayers to register in the portal and use it periodically to avoid any discrepancies in their tax leads. The FBR has also asserted that it is the responsibility of every taxpayer whether movable or immovable property owners to ensure that their tax records must be accurate and up-to-date.

Taxpayers who do not have proper tax records may suffer severe repercussions, including significant fines and penalties, according to the FBR statement. Therefore, it is imperative that all taxpayers maintain accurate records and regularly check their financial activity.
Additionally, the FBR has alerted taxpayers that the data on the Malomaat webpage is from various third-party and in-house sources. The taxpayers’ databases are essential for monitoring and making policies on tax reforms ahead in future.

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