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FBR starts survey to detect real income of jewelers in Lahore

FBR starts survey to detect real income of jewelers in Lahore

LAHORE: The Federal Board of Revenue (FBR) has started a survey to detect the actual income of renowned jewelers shops of Lahore city.

Sources told Customs Today that during this survey, FBR teams have prepared a list of 300 jewelers who are earning in billions but avoiding to pay taxes willfully. Sources said that these jewelers are using “parchi” system instead of bank channels for cash transactions. Sources further said that most of these jewelers are located on MM Alam Road, Garden Town, and Gulberg area.

Sources said that the FBR received information that some jewelers of Lahore are using illegal channels for cash transactions. During initial stages FBR teams faced many hurdles, while FBR teams also take excise department and Lahore Development Authority help to find those jewelers who are willfully avoiding to pay taxes according to their real income. Sources told that after completion of secret survey, FBR will compare their tax returns with their original income.

Sources told that Federal Board of Revenue is all set to take stern action against all those tax defaulters who are willfully avoiding to pay taxes. FBR is already adopted a comprehensive policy to achieve revenue collection target set for Fiscal Year 2017-18.