FBR takes data from Banks to target Tax Evaders

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FBR takes data from Banks to target Tax Evaders

FBR is currently in process to develop Database of Tax evaders so as to bring them in Tax Filing regime. In this regard, Scheduled banks of Pakistan have shared the details of accounts having more than Rs. 5 million in deposits with the Federal Board of Revenue (FBR). This was told by Chairman FBR in his briefing to National Assembly’s Standing Committee on Finance and Revenue.

Chairman FBR also mentioned that Tax amnesty Scheme will expire on 30th June and will not be extended beyond that time as IMF Condition put a constraint on it. He also mentioned that Tax collection on Amnesty Scheme couldn’t be disclosed at the moment.

Chairman FBR mentioned that in the past, Banks were hesitant to share the details of Bank Customers with FBR fearing Chaos and backlash from the public. However, this issue has been resolved amicably with assistance from SBP.

Banks have provided details of Withholding taxes on Company accounts to FBR. Furthermore, Big-Four banks have given the details of accounts having more than Rs. 5 million or above. While other banks will also provide the same.

Chairman FBR mentioned that, out of 4.5 million accounts having Rs. 50 lacs or above balance, only 1.2 million account holders are Tax Filers. Shabbar Zaidi feared  that the majority of these accounts could be benami accounts

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