ISLAMABAD: Federal Board of Revenue (FBR) started efforts to achieve the current fiscal revenue target and overcome the tax deficit of previous year.
In this regard, the board has decided to take stern action against the tax evaders, offshore companies and persons who hide their assets.
Official sources told Customs Today that the board has already expedited its efforts to achieve the revenue target assigned for FY-2018-19 of Rs4,535 billion while also to achieve the extra taxes of Rs300 billion of previous year.
Sources said that the board in first step will send notices to local people having undisclosed assets and new people to induct in tax net.
According to FBR record, there are 300,000 people who involved in tax evasion nationwide. While data received from the foreign countries under OECD around 5,000 Pakistanis have undisclosed assets abroad.
Sources also added that the board will collect taxes at the rate of 25% from those who didn’t disclose their assets under Tax Amnesty Scheme and evaded taxes. While on the hand, the board is also getting information of foreign based Pakistani assets under the OECD.
