Karachi: The Federal Board of Revenue (FBR) has initiated the issuance of legal notices to tax evaders, including high net-worth individuals that are identified by the tax profiling system, according to the news sources. The Regional Tax Office (RTO) – II Karachi has already sent 20,000 notices to high net-worth and high profile evaders.
These notices contain the details of all kinds of undeclared transactions made by the receiver, or transactions made by the person on their Computerised National Identification Card (CNIC).
The tax profiling system used to identify these individuals was launched by the FBR on June 20. It was built to inform people about their transactions in diverse categories which include immovable property transactions, bank profit receipts, car purchases, cash deductions, non-cash transactions occurred through the banking system, educational fees, and other such transactions made in the tax year 2018 and earlier.
As per RTO- II, the high net-worth individuals include companies’ directors, executives, purchasers of luxury vehicles, and buyers of high valued immovable properties. Additionally, some high profile cases include politicians, athletes, celebrities, and other prominent individuals.
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