The Federal Board of Revenue (FBR) has issued a public proclamation announcing the auction of the high-profile Bahria Icon Tower of Bahria Town, Karachi, due to a massive tax default of Rs. 26.46 billion. The auction will be conducted after the presentation of the federal budget 2025-26.
Bahria Icon Tower, located in Clifton, Karachi, and the Mall of Islamabad are among the properties that will be sold through public auction under Section 138(2)(a) of the Income Tax Ordinance, 2001, and Rule 162 of the Income Tax Rules, 2002.
The auction is scheduled for June 19, 2025, at 11:00 am and will take place at the FBR’s Large Taxpayers’ Office in Islamabad, situated at Plot No. 20, Mauve Area, G-9/1.
Both the Bahria Town building and Mall of Islamabad are being auctioned to recover outstanding tax dues and to enforce tax laws.
Babri town sales the property to individuals, now individuals and I vestor who invest in their beloved Pakistan are awaiting when the both parties problems will solve and our properties will handed over to us, this is not fair action, handed over the property to those who have payed, properties in the name of Malik raiz can be seazed, any how Malik Riaz is a hero of nation , who build internal standard of project in pakistan after 70 years , and investment come to Pakistan all over the world,and thousands of hundred labour accross the country work for development. But unfortunate all eyes and month are closed during development and now they are rurring their efforts and waisting money of thousands of pakis9 people , for their minor interest.
I comment on “Support independent journalism”
Independent Journalism in Pakistan? Really, impossible.
It’s clear why this is happening! Malik Riaz’s refusal to cooperate with the military generals has led to their animosity, despite the fact that these same leaders were complicit in the massive tax corruption associated with his business dealings. Malik Riaz is a significant investor in Pakistan, and countless Pakistanis have financial stakes in his projects. If you continue down this foolish path, don’t be surprised by the consequences for foreign investment. Why would anyone choose to invest in a country where you have to bow down to self-proclaimed “leaders”?