For the collection of Capital Value Tax (CVT), revenue department of Islamabad Administration has issued notices to 100 legal and illegal defaulter housing schemes. Orders were issued by Islamabad Deputy Commissioner Hamza Shafqat.
Since 2012, several private developers have acquired stay order from court to avoid CVT. As per CVT policy, Rs.60,400 CVT was applicable on transfer of 1-Kanal land in Islamabad’s rural area.
Dr. Hassan Waqar Cheema, Revenue Additional Deputy Director, took this situation to court. Afterwards, court gives decision in favor of revenue department. In 3 weeks record time, revenue department collected Rs.60 Million as CVT Tax. Meanwhile, Rs. 80 Million is set as target for coming month.