FBR decides to launch massive crackdown countrywide

FBR decides to launch massive crackdown countrywide

The Federal Board of Revenue (FBR) has taken a decisive step towards combating tax evasion on a nationwide scale. This significant move comes as a response to the rampant issue of tax evasion within the country. According to inside sources, the FBR has meticulously compiled a list comprising approximately 11,000 individuals hailing from major cities, including the bustling urban centers of Lahore and Karachi. The individuals on this list span across various sectors, encompassing industrialists, mill owners, traders, property dealers, and wholesalers, as revealed by undisclosed sources.

This initiative is set to bring about a tighter grip on tax defaulters, with the potential for arrests looming over them. The FBR's list of tax evaders is an extensive one, extending its reach across several cities, including Karachi, Lahore, Faisalabad, Rawalpindi, and Multan.

FBR sources have indicated the possession of substantial evidence against these tax defaulters, putting them on notice to produce the necessary documents within a one-week timeframe following the issuance of a tax notice.

In a separate revelation, a global market research firm, Ipsos, disclosed staggering figures related to tax evasion in Pakistan. Their survey report, released in June, unveiled an alarming 956 billion rupees worth of tax evasion. This massive evasion encompasses various industrial sectors, such as real estate, tea, cigarette, tires, oil, and pharmaceuticals.

The report specifically highlighted a staggering 500 billion rupees of tax evasion annually within the real estate sector alone, further emphasizing the pervasive nature of this issue. Moreover, the report pointed out significant tax losses in other sectors, including 240 billion rupees from cigarette traders, 45 billion from the tea industry, and 65 billion from the pharmaceutical sector, along with 106 billion rupees in revenue losses from the tire and oil industry annually. These revelations underscore the urgent need for robust measures to curb tax evasion and bolster the country's revenue collection efforts