Bahria Town’s Icon Tower to Be Auctioned by FBR due to tax Default

ISLAMABAD: The Federal Board of Revenue (FBR) has officially announced the auction of Bahria Icon Tower in Karachi, along with the Mall of Islamabad, to recover a massive tax default amounting to Rs26.46 billion. The auction will follow the presentation of the federal budget for the fiscal year 2025-26.

Located in the upscale Clifton area of Karachi, Bahria Icon Tower, along with the Mall of Islamabad, will be sold under Section 138(2)(a) of the Income Tax Ordinance, 2001, and Rule 162 of the Income Tax Rules, 2002. The move is part of FBR’s broader effort to enforce tax laws and recover long-standing dues.

The public auction of Bahria Icon Tower is scheduled for June 19, 2025, at 11:00 am, and will be held at the Large Taxpayers’ Office of the FBR, located at Plot No. 20, Mauve Area, G-9/1, Islamabad.

The FBR has made it clear that both properties are being auctioned as a legal recourse to address the enormous outstanding liabilities. The auction is expected to draw significant attention due to the high-profile nature of the properties involved.