The Federal Board of Revenue (FBR) has launched strict measures to expand the tax net for individuals associated with the gold business. According to sources, FBR has collected data of more than 60,000 jewelers across the country, of which only 21,000 are registered with the department.
Reports state that out of the registered jewelers, only 10,524 have filed their tax returns. FBR officials say that most jewelers understate their income to evade taxes, which is a clear violation of the law.
Sources said that FBR has prepared a preliminary list of 900 jewelers belonging to Punjab, hailing from major cities such as Lahore, Rawalpindi, Faisalabad, and Multan.
According to tax authorities, notices are being issued to jewelers who are not part of the tax net or are paying insufficient tax, in order to formally demand explanations from them.
FBR’s stance is that it is gradually working to bring all sectors into the tax net and no injustice will be done to anyone. The spokesperson stated that if every citizen honestly pays their due share of tax, the country can become economically strong.
