ISLAMABAD: The Federal Board of Revenue (FBR) is gearing up to suspend bank accounts of individuals who have failed to file their income tax returns.
The FBR has started a nationwide drive to expand the tax base. The initiative aims to encourage all eligible individuals and those earning taxable income to register with the tax system and file their income returns. The FBR projects the addition of 1.5 million new taxpayers during the current year.
The FBR has leveraged third-party information to identify hundreds of thousands of financial transactions conducted by individuals still outside the tax net. This information is publicly accessible on the FBR’s official website (www.fbr.gov.pk) under the section titled “MALOMAAT.” Interested parties can easily register and review various transactions undertaken in recent years.
Additionally, the FBR, through its nationwide field formations, is actively conducting surveys and collecting information about businesses and commercial activities. This data will be made available on the FBR website in the near future.
The FBR emphasized that it possesses data on almost all individuals eligible to file income tax returns. Non-compliant individuals are urged to take advantage of the grace period, visit their nearest tax office, and register to avoid consequences such as penalties, fines, utility disconnection, bank account suspension, and, in extreme cases, restrictions on movement on motorways and abroad.
As the FBR intensifies its efforts to bring non-compliant individuals into the tax net, citizens are advised to act promptly to avoid the potential repercussions outlined by the tax authority. The FBR aims to strengthen the nation’s financial landscape through enhanced tax compliance and a broader tax base.
