Revenue authority has decided to take action against 0.1m individuals, 21,000 corporate entities
KARACHI: The Federal Board of Revenue (FBR) has decided to start crackdown against 100,000 individuals and 21,000 corporate entities during the last quarter of current fiscal year 2016-17.
Actually, the FBR has to collect the huge amount of Rs1,300 billion in the remaining period of three months (April-June) to achieve the target of Rs3,621 billion set for the outgoing fiscal year.
It was decided during a meeting of Member Inland Revenue (Operations) Rehamatullah Khan Wazir and chief commissioners, commissioners of large taxpayers units (LTUs) and regional tax offices Karachi. The meeting was convened to discuss the current position of revenue collection during the first nine months and devise strategy for the last quarter.
During the meeting, the Member IR said that a number of individuals, who spend millions of rupees and live lavish life but their tax contribution is nothing, have already been identified.
The revenue collection posted an impressive 17 percent growth during March as FBR provisionally collected Rs346 billion as compared to Rs296 billion in the same month of the last year. The provisional collection in the July-March period of 2016-17 amounted to Rs2,306 billion, around 64 percent of the total target.
Wazir, during the meetings, lauded the revenue collection efforts of LTU Karachi for surpassing monthly collection target. The LTU Karachi collected Rs114.9 billion in March as against the target of Rs112.3 billion.
