ISLAMABAD: Federal Board of Revenue (FBR) has launched a crackdown on high net worth tax evaders. The certain parameters are set to identify high net worth tax evaders having properties above Rs 20 million, vehicles above 1800CC and annual rental income above Rs10 million.
FBR sources told Customs Today that under the crackdown against high net worth tax evaders, 3,121 notices have been issued.
In Phase one, 148 notices were issued and 17 cases registered against tax evaders while 131 cases are under process. In Phase two, FBR issued 75 notices and among them 63 cases were registered while 12 cases are under process.
In Phase three, FBR issued 220 notices and registered 74 cases while 146 cases are under process; likewise in Phase four, FBR issued 2678 notices and registered 2032 cases against high net worth tax evaders while 646 cases are under process.
Sources told in response to notices issued so far, 154 returns have been received with tax incidence of Rs 21.1 million. In Phase one to Phase III, proceedings are at advance stages and most of these cases will be finalized in next one to three months. Cases identified in Phase IV are also in progress and the same will be disposed off in the month of February and March.