Islamabad, Pakistan: The Federal Board of Revenue (FBR) has announced plans to launch a crackdown on unregistered businesses starting October 1.
The crackdown will target individuals operating businesses under undisclosed ownership or fake names. The FBR will use third-party data collection methods to identify unregistered businesses.
The FBR aims to register an additional 3 million shopkeepers for sales tax and will take measures to ensure that benami electricity and gas meters are transferred to the actual owners. ARY News
To facilitate sales tax registration, the FBR will implement a biometric system and collect details of bank accounts linked to shops and businesses. Copies of rental and lease agreements will also be obtained.
The FBR has urged citizens to file their income tax returns before the September 30 deadline. Failure to comply may result in penalties and other consequences.
The government’s crackdown on unregistered businesses is aimed at promoting tax compliance and increasing revenue generation. By addressing the issue of tax evasion, the FBR hopes to contribute to the country’s economic stability and growth.
