FBR readies plan for operation against high net-worth people

KARACHI: The Federal Board of Revenue (FBR) has decided to launch an operation against non-compliant high net-worth individuals, and warned of arrests who don’t cooperate in the probe.

This was decided during a meeting of the Large Taxpayers Unit (LTU) in Karachi on Monday. The meeting was attended by member Inland Revenue (Operations), FBR to discuss the high net worth individuals, who were either outside the tax net or concealed their assets in their annual declaration.

The meeting decided that each LTU and Regional Tax Offices (RTOs) would serve show cause notices to top 20 individuals in terms of the high volume identified of concealed assets.

On the directives of Member IR one focal person has been nominated in each tax unit for dealing with the notices issued to non-compliant taxpayers.

“In case a person does not respond to the notice, then it has clear instructions for higher authorities to issue non-bailable warrants of the non-compliant taxpayers and arrest them,” it was decided.

Minister of State for Revenue Hammad Azhar had recently said that number of taxpayers in the country have increased by 30 per cent during a year, adding that so far 1,400,000 taxpayers have filed their tax returns.

He said that previous amnesty scheme was granted legal cover so that it could not be withdrawn, adding that action was being taken against 3,500 tax evaders and non- filers with proven trail of large business transactions and financial deals.