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Government is all set to Arrest High-Net-Worth Tax Evaders throughout the Country

Real Estate News
21 Jun 2019
Government is all set to Arrest High-Net-Worth Tax Evaders throughout the Country

Government is all set to Arrest High-Net-Worth Tax Evaders throughout the Country

Islamabad: Recently, the government of Pakistan took an important decision of arresting the high-net-worth tax evaders from June 21, 2019, onwards.

The arrests will be made initially in 10 largest cities of the country. The operation against tax evaders will be launched against the billionaires who are residing in Rawalpindi, Islamabad, Multan, Lahore, Faisalabad, Sialkot, Gujranwala, Peshawar, Karachi, and Hyderabad.

FBR (Federal Board of Revenue) has recently completed the data-acquisition process along with the required details of the assets as well as the accounts of nearly four million individuals.

Recently, FBR has retrieved complete bank account details of those individuals who are liable to the deduction of the withholding tax (WHT). The concerned authorities are also taking crucial measures to enhance the scrutiny of the non-filers.

As per the recent statement of the FBR officials, Federal Board of Revenue has already given the advantage of the government’s amnesty scheme to disclose the undeclared assets as well as the bank accounts and the deadline for the declaration will expire on June 30, 2019.

As per the reports, FBR is currently adding all the bank details that they have received from the data of the banks that have been developed in collaboration with the NADRA (National Database & Registration Authority). Before this, the data of the banks lacked complete backing accounts information. With the new and advanced data addition, the FBR is now much more confident in launching a pilot project for the expansion of the database. On July 1, 2019, the federal institution has planned to initiate the project.

The details of the properties owned by the individuals are now even available with the FBR that has been developed on software in collaboration with NADRA that will help in tracking down the rich and elite tax evaders.

Furthermore, the software has also been programmed to disclose the complete asset details of the individuals by simply tracking down the CNIC (Computerized National Identity Card) numbers.

Also Read: Tax Slabs for Rental Income from Property has been Revised

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