The Federal Board of Revenue (FBR) on Thursday announced to initiate strict action against tax defaulters across Pakistan.
According to the details, the Chairman of Federal Board of Revenue (FBR) has made a blunt announcement that action will be taken against individuals who fail to submit their tax returns nationwide.
In a press conference in Islamabad, Langrial revealed that the FBR had issued notices to 190,000 individuals, of whom 38,000 had submitted their tax returns totaling Rs 377 million.
He stressed that those who fail to submit returns or pay taxes will face strict action.
Langrial also highlighted Pakistan’s significant tax gap, which stands at Rs 7,100 billion, with an income tax gap of Rs 2,400 billion.
He mentioned that the invoicing process is being digitized, with a special focus on the top 5 percent of tax evaders, particularly targeting sugar mills in Punjab involved in fraudulent invoicing practices.
Finance Minister Muhammad Aurangzeb stressed the need to permanently fix the tax system, with an additional tax potential of Rs 71 billion.
He also underscored the importance of technology in ensuring transparency and reducing human intervention in tax collection.
Minister of State for Finance Ali Pervaiz Malik added that a partnership with the International Monetary Fund (IMF) is crucial for the country’s economic growth, emphasizing the goal of sustainable, quality growth rather than the approach taken by the previous PTI government.
