FBR looking for details of benami accounts
Sunday March 31, 2019
Islamabad: The Federal Board of Revenue (FBR) is looking for details on the thousands of Benami accounts allegedly registered with the State Bank of Pakistan (SBP), a news source reported. Those bearing transactions above the cut-off limit of PKR 10 million have been targeted. Speaking to reporters, FBR Members (Revenue) Hamid Ateeq Sarwar and Seema Shakil stated that the board has stopped raiding the premises of businesses; as a part of its drive against tax evaders. The action has been taken as a goodwill gesture, since the Chambers of Commerce and Industries have assured the FBR Chairman that they would ensure compliance on notices sent out by the board. On the occasion, Hamid Ateeq Sarwar announced that a scheme will be launched for small traders from Islamabad. They will have to pay 2% of their turnover, or a fixed amount ranging between PKR 15,000 and PKR 30,000 for shops sized between 2 and 3-marlas. Sarwar further remarked that it is hard for a new government to reverse tax incentives given by the previous government. He also pointed out the fact that there is always a dip in tax collection following the elections cycle. He also said that the government will broaden the tax base in the coming budget through various measures. Efforts will be made to expand the tax net with up to 5 million filers - from its existing number of 1.7 million declared tax payers.
