FBR Cracks Down on Benami Businesses
According to details, the crackdown will target individuals conducting business under benami (undisclosed ownership) or fake names.
According to FBR officials, third-party data collection methods will be employed to gather information on unregistered businesses. Current FBR records reveal that only 300,000 manufacturers are registered for sales tax in Pakistan.
After October 1, FBR plans to register an additional 3 million shopkeepers for sales tax. The board will also ensure the transfer of benami electricity and gas meters to the actual owners.
Federal Board of Revenue (FBR) will implement a biometric system to facilitate sales tax registration and collect details of bank accounts linked to shops and businesses. Additionally, copies of rental and lease agreements for shops will be obtained to ensure compliance.
FBR struggles to achieve tax collection target
Earlier, the Federal Board of Revenue cautioned citizens against last-minute rush, advising them to file their income tax returns before the deadline as there will be no extensions granted.
FBR spokesperson, Bakhtiar Muhammad, urged taxpayers to submit their taxes before September 30, 2024, to boost Pakistan’s economy.
By doing so, the government aims to promote a culture of tax compliance, which is crucial for the country’s economic stability and growth.
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