The Federal Board of Revenue (FBR) has decided that it will conduct a thorough audit of income tax returns filed by the business community in order to curb tax evasion. For this purpose, the FBR has completed preparations to audit one hundred thousand income tax returns, which will begin from October 1.
In Pakistan, the business community is considered the backbone of the economy, but unfortunately, a large number of businesspersons either do not pay taxes or hide their income to pay less tax.
The government and the FBR have repeatedly tried to expand the tax net, but the number of taxpayers is still extremely low.
According to FBR sources, those who submitted incorrect information in their returns or concealed assets will face strict legal action. Particularly, those individuals’ returns will be audited who paid less tax compared to last year.
For this purpose, the FBR has established a special wing that includes trained auditors. These experts will thoroughly scrutinize the business community’s returns and identify tax evasion or underreported assets.
The FBR has stated that businesspersons who filed correct and complete information in their returns will not face any trouble. However, those who fail to submit accurate returns by September 30 may face action.
