Home »Taxation » Pakistan » Audit, HNWIs, liquidation and tobacco sector: FBR expects Rs 71 billion revenue from four areas

  • News Desk
  • Oct 24th, 2018
  • Comments Off on Audit, HNWIs, liquidation and tobacco sector: FBR expects Rs 71 billion revenue from four areas
The Federal Board of Revenue (FBR) has estimated to collect Rs 71 billion from four areas, ie, recovery from audit, high net worth individuals, liquidation of litigation cases and revenue from tobacco sector during the year 2018-19. Sources told Business Recorder here on Tuesday that the FBR has estimated tax demand from audit/high net worth individuals to the tune of Rs 37 billion, expected revenue generation from liquidation of litigation cases would generate Rs 20 billion and estimated revenue from tobacco sector stood at Rs 14 billion. The accumulative effect of the said measures comes to Rs 71 billion.

The FBR has also informed Finance Minister Asad Umar that the expected demand from audit/high net worth individuals has been worked out by the FBR. A huge pendency of audit under section 214-D will be liquidated by invoking the provision of 213-E in the Amended Finance Bill 2018.

In addition over and above 373 cases were identified as high net worth evaders who did not file tax returns. This exercise will be vigorously extended on continuous basis to identify major non-filers drawing huge amounts of income / holding high value assets.

Under phase-I, list of 148 cases of non-filers who invested in immovable properties (above Rs 20 million) and luxury Motor Vehicles (above 3000 cc) were prepared by the FBR.

In phase-II, the FBR has identified 75 tax evaders across the country. List of 75 cases of non-filers individuals were made. Out of this, 59 cases of purchase of immovable properties (registered value of Rs 20 million and above), 10 motor vehicle purchase cases (1800 cc and above) and 6 rental income cases (annual rent of Rs 10 million and above).

Under phase-III, the FBR has picked 220 tax evaders. List of 220 cases of non-filers were finalised by the FBR. Out of this, 29 cases related to the purchase of immovable properties (registered value of Rs 20 million and above) and 191 cases deals with the motor vehicle purchase (1800 cc and above).

Pursuant to the said measures, it is expected to generate revenue of Rs 20 billion.

In case of tobacco sector, check posts have been established at entry points to ensure payment of due tax. The officers have been posted under the Rule 87 of Federal Excise Rules 2005, at all green leaf thrashing (GLT) units to ensure payment of duties at source.

It is expected that additional revenue of Rs 14 billion will be generated from tobacco sector.

Copyright Business Recorder, 2018


the author

Top
Close
Close