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FBR identifies 20,000 high-net non-filers in first 100 days of PTI govt

FBR identifies 20,000 high-net non-filers in first 100 days of PTI govt

ISLAMABAD: The Federal Board of Revenue (FBR) has identified some 20,000 wealthy non-filers during the first 100 days of newly-elected government.

The 68-page document was released in an effort to highlight incumbent government’s achievements in its first 100 days of government including the steps to revive the economy.

According to the report, in its drive against non-filers, the FBR has issued notices to more than 3,000 high net-worth individuals with tangible assets – including houses in the posh areas of big cities – in the first 100 days.

While launching the report, Prime Minister Imran Khan lamented that only 72,000 people in Pakistan declared their income above Rs200,000. Mentioning the paltry number, he said that these many people can be found only in Islamabad with income equal or above Rs200,000.

PM urged the FBR to widen the tax net, linking low tax collection to rising inflation.

The document also mentions FBR’s collection of data on 150,000 foreign accounts maintained by Pakistan’s residents. The data was received from 29 countries under a multilateral convention on exchange of tax-related information.

The report highlights that as part of its tax policy, recently approved by the PM, the government seeks to abolish withholding tax on banking transactions and reduce income tax on banking sector for SME, low-cost housing, and agriculture related lending from 35 per cent to 30pc from July 2019 onwards.

The report also includes measures to harmonise sales tax collection across provinces, review all tax exemptions, prohibiting future tax exemptions without independent cost estimates and introduction of sunset clauses in exemptions.