FBR to launch crackdown against tax defaulter
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take strong action against the tax evaders and announced to launch a crackdown against them from March 2020.
According to the details, the revenue board has issued notices to 200,000 high-net worth individuals for the purpose.
These remarks were made by FBR Inland Revenue (IR) Member Dr Hamid Ateeq during a meeting of the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs, which was presided over by MNA Faizullah the other day in the federal capital.
The FBR officials said that they had a list of high net worth individuals, but the board was not taking action against them as the implementation of several acts simultaneously may negatively impact the businesses and economy.
The revenue board also stated that as per agreement with traders, the turnover tax will be decreased from 1.5% to 0.5% and the limit of annual turnover tax would be increased to Rs100 million from Rs10 million.
Who has to file Income Tax Returns? See the video to know. Last Date to file Income Tax Returns:31st December, 2019 pic.twitter.com/J7EtkHC4F0
— FBR (@FBRSpokesperson) December 28, 2019
Earlier, The Karachi-based Directorate of Intelligence and Investigation of FBR has unveiled a scam of evaders, who are engaged in issuing and utilising fake and flying invoices either to evade sales tax or to facilitate other persons in minimising their sales tax liabilities.
Chairman Federal Board of Revenue (FBR) Syed Shabbar Zaidi has said that every person who owns a car above 1000 cc and a house which measures 500 square yards or above is required to file return of income, irrespective of having any taxable income during the year.
He tweeted that “FBR reiterates that every person owning a car above 1000 cc and a house measuring 500 sq. yards or above is mandatorily required to file return of income irrespective of having any taxable income during the year.”
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