MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office launched a registration campaign for jewelers in Mutan City.
According to details, Federal Board of Revenue has taken special measures to facilitate gold merchants of Multan with consultation of jewelers association and asked them to register their business. Regional tax authorities issued tax notices to several jewelers working in Multan Sarafa Bazaar and Hassan Arcade to register their business.
The Federal Board of Revenue has already collected whole data of jewelers and their actual income through survey and prepared list of 700 top jewelers who are earning handsome income but avoid paying taxes.
It was also disclosed that majority of jewelers working in Multan file income tax returns regularly but their tax returns did not match their actual lifestyle and expenses.
The Federal Board of Revenue has found that jewelers are not paying their full taxes and they decided to register them for collection of actual taxes. Jewelers have been asked to voluntarily register their business otherwise Federal Board of Revenue will take stern action against them by sealing their shops.
The Federal Board of Revenue has also advised all jewelers to issue receipt to all customer and deduct one percent tax on sale of jewelry.
The Federal Board of Revenue Regional Tax Office Multan has given deadline of 22nd July to all jewelers for registration of their business.
