ISLAMABAD – Federal Board of Revenue serves notices to over one lakhPakistanis involved in bank transactions worth Rs 977 billion.
The Federal Board of Revenue has issued notices to 115,223 high net worthunregistered persons involved in banking transactions of up to Rs. 977billion.
According to a report by a local newspaper, the Federal Board of Revenuehas issued notices on the basis of data obtained from electricitydistribution and gas companies. They added that data of more than 3.5million industrial and commercial users was gathered and informal letterswere issued to all such consumers asking them for registration.
The report said that in the first phase, notices for registration wereissued to industrial consumers and added that in order to develop aholistic view of taxpayers, data was obtained from sources like banks,vehicles and real estate transactions and a data bank was developed.
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Based on this data, notices to 115,223 high net worth unregistered peoplehave been issued, involving an amount of banking transactions over Rs. 977billion.
The data of properties was also obtained by the Federal Board of Revenue(FBR) from Punjab Information Technology Board, Board of Revenue (PITB/BOR)for fiscal years 2017 and 2018. As per data, the total number of propertytransactions during the above-mentioned period was 1,438,212 involving avalue of property transactions to the tune of Rs 1,495 billion.
