ByIslamabad, Pakistan: The Federal Board of Revenue (FBR) is implementing new measures to address tax evasion and promote transparency in financial transactions.
Reference values for assets: The FBR will establish reference values for property, vehicle, and financial transactions based on declared income. This will help identify individuals who may be under-declaring their income.
Restrictions on transactions: Non-filers will face restrictions on purchasing vehicles, property, and making investments. Dawn
Cash withdrawal limits: Cash withdrawals will be capped at Rs30 million per year to reduce cash circulation and promote digital transactions.
Government purchase of undervalued property: The government may reserve the right to purchase property declared below market value to discourage under-declaration.
Scrutiny of loans and gifts: The FBR will closely examine declarations of loans and gifts in tax returns to prevent misuse.
Risk ceilings for taxpayers: Banks will be required to report any transactions that exceed a set limit based on the taxpayer’s declared income.
These measures aim to ensure that individuals accurately declare their income and avoid tax evasion. By promoting transparency and compliance, the FBR hopes to improve tax revenue collection and strengthen the economy.
