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FBR issues notices to 475 owners of printing press & advertising business

FBR issues notices to 475 owners of printing press & advertising business

ISLAMABAD: The Federal Board of Revenue (FBR) issued 475 notices to owners of printing press and advertising businesses, asking them to file their income tax returns.

According to media, the FBR issued notices for mandatory filing of income tax returns and wealth statement in order to determine annual income.

RTO)-II, Karachi launched scrutiny of printing presses, panaflex printers, offset printing press, marriage card and beverage materials’ makers.

“Various expensive machines have been imported by owners of printing press and advertising business and the businessmen are earning substantial amount of revenue,” an official said.

The official further said the tax contributions of these businessmen to national exchequer did not commensurate with their earnings.

The RTO-II Karachi few months back launched physical survey and collected information from various sources and it was identified that a large number of printing press owners were not registered as taxpayers.

“The tax office collected 475 names and addresses of printers of Karachi who are having lucrative business in Karachi but they are not registered or paying very meager amount of tax,” the official said.

The tax office, which is the main registration office, has launched large scale broadening of tax base and brought many taxpayers from various sectors into tax net. The official said the business of printing press was ignored in the past.

However, after the physical survey it was identified that printing press was making high volume supplies to big contractors.

The official said most of those were paying through deduction of withholding tax but were concealing actual income. The RTO – II issued notices under Section 114 of Income Tax Ordinance, 2001 making it mandatory for them to file their returns. “In case of non-compliance the persons will face harsh action of the FBR,” the official said. The action may include fine and penalty besides imprisonment on deliberate default