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Despite Pakistan’s population exceeding 250 million, only 12 individuals have declared assets worth over Rs 10 billion, the Chairman of the Federal Board of Revenue (FBR) disclosed during a briefing to the National Assembly’s Standing Committee on Finance.
FBR chairman, Rashid Mahmood Langrial, hinted at massive underreporting of wealth, saying, “Just take a walk around F-6 Islamabad, and you’ll see where the real wealth lies.”
The FBR chief also informed lawmakers that some sugar mills are evading taxes by using unstamped packaging for sugar, violating FBR’s stamping rules.
“We even have video evidence,” he added. MNA Omar Ayub demanded that the names of these mills to be made public.
Additionally, the committee was told that anyone purchasing property worth Rs 13 million must show Rs 10 million in declared income to curb tax evasion in real estate transactions.
Chairman Langrial also clarified that under IMF conditions, no new Special Economic Zones (SEZs) will receive tax exemptions. Current SEZs are exempt from tax until 2035.
FBR Chairman warned that reopening the case could cause the IMF to revert the deadline back to 2027.
MNA Ayub also raised concerns about potential oil price hikes due to rising Iran-Israel tensions. He noted, “If the Strait of Hormuz closes, global and Pakistani oil prices will soar.”
In response, Finance Minister Muhammad Aurangzeb confirmed a high-level committee is monitoring the situation.
