Islamabad, Pakistan: The Federal Board of Revenue (FBR) is considering imposing a Rs1 million penalty on tax evaders, along with other strict measures, to address the country’s financial challenges.
The FBR has identified ten key sectors for hiring independent experts to assess tax gaps, including textile, financial and insurance, chemical and fertilizer, petroleum, tobacco, iron and steel, beverages, tea, cement, and real estate.
The FBR has estimated a significant tax gap in the textile sector, amounting to Rs700 billion, and a Rs100 billion gap in the cement sector. Geo Tv
To enforce these measures, the FBR plans to:
- Block utilities for non-filers, nil filers, and null filers.
- Freeze bank accounts of non-filers.
- Attach properties of manufacturers and wholesalers who are not registered.
- Seal premises of non-registered manufacturers, wholesalers, and distributors.
- Impose a Rs1 million penalty on tax evaders.
- Appoint receivers for manufacturers with a turnover exceeding Rs250 million.
The FBR aims to increase tax revenue by targeting tax evaders and implementing stricter enforcement measures. However, these measures may have a significant impact on businesses and individuals.
