Islamabad: The Federal Board of Revenue (FBR) has issued a warning, stating that it will suspend the bank accounts of non-filers of tax returns as part of an effort to boost compliance with tax regulations in the country. The news was reported on December 25. The warning also includes the imposition of travel bans on non-filers.
To avoid these penalties, non-filers must register themselves with the nearest tax office. Chief Muhammad Asif of the Broadening of Tax Base (BTB) emphasized the importance of filing tax returns to prevent disconnection of utility services, fines, and the latest penalties announced by the FBR.
Reportedly, a nationwide drive has already been launched to bring eligible individuals and those with taxable income under the tax base. According to an official FBR document released in 2022, out of the 240 million people in Pakistan, only 5.2 million were registered in the tax system.
Pakistan is grappling with challenges such as widespread tax evasion, a shortage of tax revenue needed for the country’s socio-economic development, and a low tax-to-GDP ratio. To address these issues, the FBR has compiled information on the financial transactions of hundreds of thousands of individuals who are still outside the tax net.
By implementing stringent measures, the BTB aims to bring 1.5 million new taxpayers into the system during the current year. To avoid facing strict penalties, the FBR advises individuals to take advantage of the time and promptly register themselves with the nearest tax office.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
