The Federal Board of Revenue (FBR) has announced a crackdown on unregistered businesses starting after October 1. The action will target businesses operating under benami (undisclosed ownership) or fake names.
To gather information on unregistered businesses, the FBR will use third-party data collection methods. Currently, only 300,000 manufacturers in Pakistan are registered for sales tax.
The FBR aims to register an additional 3 million shopkeepers for sales tax after October 1. Additionally, benami electricity and gas meters will be transferred to their actual owners.
The FBR will also introduce a biometric system to streamline sales tax registration and gather details of bank accounts linked to businesses. Rental and lease agreements will be collected to ensure compliance.
The FBR has urged citizens to file their income tax returns before the September 30, 2024 deadline, warning that no extensions will be granted.
FBR spokesperson Bakhtiar Muhammad emphasized the importance of timely tax submission to strengthen Pakistan's economy and promote a culture of tax compliance.
[embedpost slug="/gold-rate-in-pakistan-on-sept-24-up-by-rs1100-to-rs273000-tola/"]
