FBR flags tax evasion in One Constitution Avenue apartments

A significant number of luxury apartments at Islamabad’s One Constitution Avenue, reportedly owned by influential individuals, have not been declared to the Federal Board of Revenue (FBR). Reports indicate that 248 high-end units remain undisclosed to tax authorities. The FBR’s Intelligence and Investigation Directorate has compiled records of investors linked to the project, identifying at least 46 owners who have either failed to declare their assets or are suspected of substantial tax evasion. Authorities are preparing to issue notices to those concerned. The issue is tied to a broader controversy involving a lease dispute between the Capital Development Authority (CDA) and the developers of the Grand Hyatt project. Violations of lease terms led to its cancellation, a decision later upheld by the Islamabad High Court, prompting directives for occupants to vacate the premises. The list of apartment owners is said to include several prominent figures. Meanwhile, the situation continues to evolve, with Prime Minister Shehbaz Sharif constituting a high-level committee headed by Law Minister Azam Nazir Tarar to examine the matter and propose a way forward. PM forms committee, halts action on One Constitution Avenue