Sources close to the matter revealed on Monday that the Federal Board of Revenue (FBR) is set to expand its crackdown on tax evaders to the provinces of Khyber Pakhtunkhwa and Sindh. According to sources within the FBR, the board has issued notices to jewelers who have either not registered themselves or paid insufficient taxes.
Jewelers in several cities, including Rawalpindi, Faisalabad, and Multan, have been issued notices for unpaid taxes. FBR officials stated that out of 57,000 jewelers nationwide, only 20,000 have registered, and a mere 10,000 of those have filed their tax returns. In Islamabad alone, at least 50 jewelers in a single market have failed to file, with officials reiterating that they will deal with tax evaders firmly.
As part of the crackdown, the FBR also raided a prominent real estate firm. Despite facing resistance, they successfully seized records that will be used to assess the company’s due tax.
FBR’s Nationwide Operation The board launched its operation against potential tax evaders after a Sunday report from The News revealed that only 1,100 individuals in the entire country had declared a net worth of Rs1 billion in their tax returns from the previous year. The FBR also plans to identify individuals suspected of significantly misdeclaring their assets and income.
To carry out this crackdown, the tax authority has deployed 450 Inland Revenue Service (IRS) inspectors across the country. These officials will conduct on-ground surveys to verify and check the records of those who have declared far fewer assets and less income than they actually possess.
