KARACHI: Directorates Intelligence and Investigation (I and I) Inland Revenue (IR) has decided to take stern action against over 750 tax defaulters who are involved in tax evasion of over Rs 42 billion.
According to the sources, the FBR has decided to send notices in the first phase to those government departments which have Free Tax Number (FTN) i.e. schools, police, KMC, and hospitals. The FBR sources said that FTN number departments are authorized to pay only two percent withholding tax but these department are not submitting their tax returns even after getting this opportunity.
It is also pertinent to mention here that these departments are bound to submit 17 percent sales tax in monthly tax returns for the purchase of any item to which FBR also can find the suppliers of the said items.
Gold price jumps Rs5,700 per tola
KARACHI: Gold prices surged in both international and domestic markets, with the price of gold rising by $57 per ounce...
