MULTAN: Federal Board of Revenue (FBR) has established a specialized tax unit in the Regional Tax Office to deal with high net tax evaders’ cases on immediate basis.
Sources told Customs Today that the Federal Board of Revenue Member has decided to take action against high net worth individuals in the country and Regional Tax Office formed specialized tax unit in the jurisdiction to take action against high net worth individuals to bring tax scope.
The Regional Tax Office Inland Revenue department will initiate strict action against top 20 cases of high net tax individuals.
The Regional Tax Office has nominated assistant commissioner Mazhar Ali as focal person for the high net worth tax cases of individuals. Specialized tax unit will conduct hearings of top 20 cases on daily basis and they will submit their reports to Federal Board of Revenue very soon.
The Federal Board of Revenue has directed specialized tax unit of Regional Tax Office to deal high net-worth individuals’ cases effectively and efficiently by analyzing their economic activities and other important areas of information received for further proceedings both in the case of filers and non-filers.
In case of filers, cross-matching of information with the declared assets and identify detailed discrepancies and risk areas for selection for audit.
The Federal Board of Revenue has also directed tax authorities of Regional Tax Office Multan to scrutinize high net-worth individuals’ cases including their declared exempt incomes like gift, foreign remittances, inheritance, agricultural income, and carried forward wealth of previous year without furnishing previous year’s wealth reconciliation and documents of identified source of income and others.
The Federal Board of Revenue is taking every measure to broaden the tax net and collection of the country by launching specialized tax unit in the Regional Tax Offices with special task to discover tax evaders for the recovery of legitimate taxes.
