Islamabad: The federal government decided to intensify the audit of individuals who participate in financial transactions that exceed their declared income, with the Federal Revenue Council leadership (FBR) initiative.
FBR Malik Amjed Zubair Tiwana President of the Permanent Committee of the National Finance Association, headed by Syriaed Qamar, told banks that the banks will help determine the income -reported income for individuals and the actual size of their transactions.
“We will provide banks for the taxpayer income and rotation data based on the details of the national identity card,” Tewana explained. “The banks will be asked to report any transactions that are not in line with FBR records, although they will not be banned.”
As part of this new mechanism, financial institutions will inform the transactions that exceed the income numbers mentioned in the data of the wealth of individuals or tax declarations. Toyana stressed that the aim of these measures is to ensure a greater transparency, saying: “Any significant deviation will be made and informed of the tax authorities.”
During the session, Bilal Azzar Kayani, from the Pakistan Pakistan Pakistan Pakistan, Pakistan, Bilal Kayani, explained that property will be purchased to buy property for the first time, while taxpayers can buy new real estate for themselves or their families. However, he stressed that these real estate transactions will be subject to augmented scrutiny, whether pushed in cash or through equivalent assets.
The Chairman of the Naveed Qamar asked about the inclusion of the definitions of assets in the legislation, which TiWana answered it is necessary for transparency purposes.
This step is part of the broader efforts of the government to improve tax compliance and address financial violations in various sectors.
In a related development, FBR recently revealed a tax fraud case that included 977 million rupees under the export facilitation plan (EFS). The fraud, carried out by two fraudulent companies, included abuse of high -value metal imports. These companies had imported 47 containers of precious metal molds, but they were handling records to announce only 111 metric tons, while 1560 metric tons were not reported. The first company escaped from 499 million rupees, while the second avoided 478 million rupees in taxes. Investigations also revealed that companies were not included in the FBR active registration database, raising concerns about gaps in organizational control.
