Islamabad: The Federal Board of Revenue (FBR) has sent the first batch of 100,000 notices to high-net-worth individuals to broaden the tax base, according to a news source.
FBR Member Inland Revenue (Operations) Seema Shakil spoke to the media and said that the next batch of notices would be served in the coming week to individuals who are not yet registered under the tax system, and have been found to be engaged in financial transactions amounting to trillions of rupees; based on authentic data – she said.
She also revealed that in the second phase, the FBR would send another 100,000 notices to potential high-worth individuals to increase the tax base, based on the banking data of withholding tax, profit on debt, and third party information – that includes details of foreign travels, property transactions, and vehicle purchases.
FBR Member Inland and Revenue (Policy) Dr Hamid Ateeq Sarwar said that the FBR can improve sales tax collection performance by focusing on manufacturers and retailers. He also revealed that the department had 100% coverage over the import sector.