FBR recovers Rs3.4 bn in crackdown against tax evaders

ISLAMABAD: The Federal Board of Revenue (FBR) has launched crackdown against evaders of Income Tax and Sales Tax and through raids on different premises the tax machinery generated tax demands of over Rs8 billion and so far recovered Rs3.4 billion.In another campaign against recovery of arrears of taxes and crackdown against biggest evaders, the FBR made nine arrests, attached 76 properties and 46 vehicles, 4,000 bank accounts attached and imposed embargo in one case where the FBR bound the concerned business not to remove its stock from the premises.“In recovery of arrears, the FBR launched campaign in last two months and achieved major results in the ongoing month,” one top official of the FBR told The News Tuesday. The FBR has projected massive shortfall in its whole history since inception as this increasing shortfall might touch Rs485.9 billion till end June 2019. The declining trend in FBR’s revenue collection might continue in remaining four months (March-June) period of the current fiscal year and it was feared that the tax shortfall might stand at Rs252.7 billion in next four months.The FBR had already faced shortfall of Rs233.2 billion in first eight months (July-Feb) period and after projected shortfall of Rs252.7 billion in next four months the overall shortfall might touch historic peak of Rs485.9 billion during first year of the PTI-led regime.The analysis of all major taxes done and shared with the government disclosed that overall tax shortfall on account of Income Tax, Sales Tax and Federal Excise Duty (FED) were projected at Rs434 billion during the whole current fiscal year while the shortfall in Customs Duty collection was anticipated at Rs50 billion so overall shortfall might touch Rs485.9 billion till June 30, 2019.

from The News International - National https://ift.tt/2THklu1