The Federal Board of Revenue (FBR) has intensified its tax evasion drive by issuing notices to jewelers and raiding a leading real estate firm. The campaign aims to widen the tax net and ensure compliance among businesses that have been underreporting their income.
According to officials, jewelers in Rawalpindi, Islamabad, Faisalabad, and Multan received tax notices. These notices require them to explain irregularities found in their tax records and income declarations. Many businesses in the jewelry sector are suspected of evading taxes by concealing actual earnings.
In a parallel move, the FBR raided a major real estate company in Islamabad. The action followed suspicions of underreporting and irregular transactions in property dealings. Authorities stated that this step is part of broader measures to address tax evasion in high-value sectors.
Reports indicate that the FBR has collected data on 60,000 jewelers nationwide. Out of these, only 21,000 are registered, and just 10,524 have filed tax returns. This shows a significant gap between businesses operating in the market and those fulfilling their tax obligations.
Sources revealed that enforcement measures have begun with a list of 900 jewelers in Punjab. The list includes businesses based in Lahore, Rawalpindi, Faisalabad, and Multan. Notices are being issued to those whose declared income does not match their visible business scale or lifestyle.
Officials explained that these cases will undergo detailed scrutiny. If businesses fail to provide satisfactory responses, stricter actions may follow. The FBR emphasized that the campaign is meant to ensure fairness in the tax system and bring more businesses into compliance.
By targeting jewelers and real estate firms, the FBR aims to reduce tax evasion and increase revenue collection, helping stabilize the economy.
In other related news also read FBR Announces Extension for Sales Tax Integration Deadline
