The Federal Board of Revenue (FBR) has finalized an enforcement strategy to target high-net-worth persons and take action against unregistered affluent people, including non-filers and nil-filers, in response to Prime Minister Shehbaz Sharif’s mandate.
The FBR has finished its research for the enforcement plan’s execution at the field formation level, according to sources who spoke to Business Recorder. The enforcement action would primarily target taxpayers and non-filers who declare zero income or who conceal their assets and income.
Given the FBR chairman’s permission, field formations will send notifications to the high-net-worth people.
Aurangzeb advises affluent unit CFOs and non-filers to pay taxes and refrain from abusing input adjustments.
Five thousand non-filers with an estimated tax burden of Rs7 billion would get letters from the FBR in the first round.
The FBR would have a separate dashboard for tracking these notices.
Following a desk examination and internal analysis of transaction data for 200,000 non-filers, notifications will be sent to the top 5,000 high-net-worth persons during the next week.
These people allegedly pay more than Rs200,000 a month in credit card bills, send their kids to private schools, possess at least three automobiles, and have bank account earnings of Rs100 million.
These 5,000 people are believed to have a collective net worth of between Rs26 billion and Rs27 billion, with an anticipated revenue of Rs7 billion.
