ISLAMABAD: In a bid to make hay while sun shine, the Federal Board of Revenue (FBR) will put an iron hand on the candidates of various political parties to bring them in the tax net to broaden the tax base. In this regard, FBR will collect statistics of expenditures from the departments concerned by candidates during their electioneering.
FBR’s offices have met a loss of revenue collection for more than one month due to election fever in the country, but FBR expects tremendous increase in the revenue collection out of this exercise of bringing election candidates in the tax net.
A source at FBR told Customs Today that FBR’s Directorate General & Directorate, Intelligence & Investigation of Inland Revenue had carried out a full-fledged exercise to bring the election candidates who had spent billions of rupees on the electioneering; printing of pamphlets, posters, banners and other materials, in the tax net.
In this regard, I&I IR will collect the receipts of payments from the printing press, transport companies, catering firms and others. Commercial banks will also be contacted besides the National Bank for provision of record of bank transactions of the candidates to the FBR for the compilation of statistics so that a campaign would be launched in this regard.
Previously, the source said that FBR had already collected such statistics and data about the real estate sector from the banks and other quarters concerned regarding the bank transactions of the real estate agents to bring them in the tax net. In the light of these statistics, a clause in the Finance Bill 2018 was added which enabled the government to procure any property at double price as demonstrated in the documents by the real estate agents.
