Karachi: The Federal Board of Revenue (FBR) has recovered a sum of PKR 5.2 billion in its ongoing drive against tax defaulters, a news source reported. The agency recently launched its crackdown against non-compliant high-net-worth individuals. Action has also been taken against 4,512 bank accounts, properties, and vehicles.<\/p>\n
Nine defaulters have also been arrested as a result of the operation. According to a press briefing by FBR, the drive against tax defaulters in all major cities across Pakistan will continue in the coming months \u2013 aimed especially against tax defaulters, and people not currently in the tax net.<\/p>\n
The drive is focused on three important areas. These include conducting enforcement action under section 175 of the Income Tax Ordinance 2001, as well as sections 38 and 40B of the Sales Tax Act 1990. The said laws give tax officials the power to enter and search premises, as well as post inspection officers to monitor sales and inventory statuses.<\/p>\n
The second area of action concerns the issue of large arrears owed by taxpayers with no stay order from any court.<\/p>\n
The third area relates to high-net-worth individuals identified through their tax defaulting activity. The board successfully isolated such cases and enforced 2,671 returns through the drive.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi: The Federal Board of Revenue (FBR) has recovered a sum of PKR 5.2 billion in its ongoing drive against tax defaulters, a news source reported. The agency recently launched its crackdown against non-compliant high-net-worth individuals. Action has also been taken against 4,512 bank accounts, properties, and vehicles. Nine defaulters have also been arrested as a result of the operation. According to a press briefing by FBR, the drive against tax defaulters in all major cities across Pakistan will continue in the coming months \u2013 aimed especially against tax defaulters, and people not currently in the tax net. The drive is focused on three important areas. These include conducting enforcement action under section 175 of the Income Tax Ordinance 2001, as well as sections 38 and 40B of the Sales Tax Act 1990. The said laws give tax officials the power to enter and search premises, as well as post inspection officers to monitor sales and inventory statuses. The second area of action concerns the issue of large arrears owed by taxpayers with no stay order from any court. The third area relates to high-net-worth individuals identified through their tax defaulting activity. The board successfully isolated such cases and enforced…<\/p>\n","protected":false},"author":57,"featured_media":26795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[11105],"persona":[],"class_list":{"0":"post-50851","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-fbr-recovers-billions-in-drive-against-tax-defaulters"},"acf":[],"yoast_head":"\n