FBR, FMU to enhance collaboration for curbing tax evasion

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana said that there is a need for sustained collaboration between the FBR and Financial Monitoring Unit (FMU) to curb the tax evasion, said a news release.

Speaking at the concluding ceremony of the FBR-FMU Joint Workshop on Financial Intelligence for Tax Evasion organized with the assistance of FCDO’s UPSCALE Programme at FBR headquarters, Malik Amjed Zubair Tiwana called for the quality financial intelligence on tax evasion and its optimal utilization in investigations.

The FBR Chairman hailed the Directorate General of Intelligence and Investigation-Inland Revenue and the FMU for organising the event and desired for further enhancement of this partnership to achieve the unanimous goal of combating illicit finance.

He also thanked Lewis Evans of British High Commission, present at the occasion, for assisting in organising the event.

Ms. Lubna Farooq, Director General of FMU, thanked FBR and FCDO and underscored the need for sustained coordination between FBR and FMU to enhance the knowledge base and promoting mutual understanding for combating tax fraud and tax evasion.

This collaborative approach, she said, will enhance the effectiveness of investigations and contribute to a more robust and interconnected framework for combating financial crimes.

The workshop was also attended by the analysts of FMU and investigating officers of the Directorate General of Intelligence and Investigation-Inland Revenue.

The workshop focused on identifying and understanding risk areas for financial intelligence on tax crimes.

Earlier on January 25, it was reported In its efforts to broaden the tax net, the FBR has finalized a scheme to tax retailers in the country.

As per details, the FBR will ‘impose’ tax on retailers operating in four provincial capitals of Pakistan in the first phase. The move will generate income of around Rs100 bln.

Sources knowing the matter told ARY News that the tax will be slapped on retailers according to the size of the shop and yearly income.