ByIslamabad, Pakistan: The Federal Board of Revenue (FBR) has announced plans to take strict action against unregistered businesses, including freezing bank accounts, seizing property, and disconnecting utilities.
The FBR has identified a significant tax gap of Rs. 3,400 billion in uncollected sales tax. To address this issue, the FBR plans to closely monitor the operations of businesses and ensure that all stages of business activities are documented. ProPakistani
Manufacturers and wholesalers with an annual turnover exceeding Rs. 250 million will be subject to increased scrutiny. Distributors who have not registered with the FBR will also face consequences. Retailers earning more than Rs. 100 million per year will not be exempt from these measures.
The FBR’s crackdown aims to improve tax compliance and increase revenue generation. Unregistered businesses that fail to comply with the FBR’s requirements may face severe penalties, including suspension of operations and fines of up to Rs. 1 million.
