FBR collects data of over 60,000 jewelers to tighten tax net

LAHORE: The Federal Board of Revenue (FBR) has compiled data of more than 60,000 jewelers as part of its drive to bring the sector under stricter tax compliance.

Sources revealed that out of the 60,000 jewelers identified, only 21,000 are registered with the FBR. Among these, just 10,524 have filed their tax returns.

According to FBR officials, a list of 900 jewelers from Punjab has been prepared in the first phase, including those operating in Lahore, Rawalpindi, Faisalabad, and Multan.

Their declared tax returns reportedly do not match their business volume, shop valuations, and lifestyle indicators.

Sources added that several thousand jewelers remain outside the tax net altogether. Jewelers suspected of underreporting income are being issued notices to explain discrepancies.

FBR officials emphasized that the tax authority is working to bring all sectors into the tax net, assuring that no trader or industrialist will be issued notices without justification.

They stressed that if every citizen contributes their fair share of taxes with honesty, the country’s economy will function more effectively.

The move is aimed at tightening oversight of the jewelry sector, which officials say remains largely undocumented despite its high-value transactions.