Islamabad: The Federal Board of Revenue (FBR) has served over 1 million tax notices to individuals and companies with a net turnover of over PKR 100 million or above, news sources reported on October 10.
The tax notifications were issued in accordance with the Income Tax Ordinance and the Sales Tax Act to boost tax collection and bring more businesses into the tax system through its enforcement programme. According to the details, the tax collection notifications were issued in response to the audit report for the fiscal year 2020 and subsequent data analysis. Moreover, in order to get more taxpayers into the tax net, the authority has begun a strategy to link all tier-1 retailers with the FBR’s central computerized system. In this regard, the FBR issued final reminders to Tier-1 businesses to link with the FBR-Point of Sale (POS) system.
Furthermore, to improve transparency and prevent tax evasion, the FBR has decided to implement its first track-and-trace system to track goods manufactured by tobacco, cement, sugar, fertilizer, and beverage manufacturers. Furthermore, the FBR will track imported goods through its Assessment & Processing (A&P) Units.
It is worth noting that the FBR has extended the deadline for submitting tax returns for the tax year 2022 due to various complications in the tax filing system and the flood situation. To satisfy the country’s cash obligations, the government has set a tax target of PKR 7.1 trillion for the current fiscal year.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
