ISLAMABAD:
Rashid Langrial, Chairman of the Federal Board of Revenue (FBR), has issued a clear warning that large-scale action against non-filers will begin after November 1.
On Thursday, Langrial disclosed to the media in Islamabad that more than four million income tax returns had been filed, which is a doubling of the number from last year.
He reiterated that the deadline to submit income tax returns is October 14 and stated, “There will be no extension in the deadline for submitting income tax returns.”
“We have complete data on non-filers, and action will begin on a large scale from November,” Langrial added. No tax evaders shall be spared, as directed by the prime minister.”
The non-filer category has been eliminated by the FBR’s recent decision to impose 15 restrictions on tax defaulters. In the beginning, five key measures will be implemented, including restrictions on purchasing vehicles, opening current accounts, international travel, and investing in mutual funds.
Earlier in the day, Finance Minister Muhammad Aurangzeb announced a significant crackdown on sales tax evasion and that there is tax fraud and evasion worth Rs3,400 billion in the country. Those engaged with deals tax avoidance will be captured.
During a press conference with Rashid Langrial, Chairman of the Federal Board of Revenue (FBR), he made this statement. During the gathering, slides of the expense forms of organizations were introduced, featuring that many organizations are associated with charge misrepresentation worth billions of rupees.
According to Finance Minister Muhammad Aurangzeb, there is a lot of potential for tax collection. The country is the victim of tax evasion and fraud worth Rs3,400 billion.
Tax revenues could be added by Rs18 billion from the cement industry alone, Rs11 billion from the battery industry, and Rs11 billion from the beverage industry.
He also mentioned that only 14% of the 300,000 manufacturers are registered, and the textile weaving industry has a tax shortfall of Rs18 billion. Excessive input tax claims cost the iron and steel industry Rs29 billion.
