The Federal Board of Revenue (FBR) has deployed its teams at mega shopping malls and chain stores across the country to detect the tax evasion of multi-billion rupees.
The move is aimed at achieving the desired tax collection target set for the current fiscal year.
Currently, the FBR is missing is the annual target of Rs. 4,398 billion by more than half. This is probably the reason why the department has doubled its effort for tax collection.
It has obtained the data of sale receipts from 2,500 retail stores electronically all over the country, but this is not enough. So, the revenue tax collection department has geared up its efforts to bring more megastores in the tax net.
Keeping the current flow of tax returns in mind, FBR is more likely to miss their annual target, an official said on the condition of anonymity.
“We will, however, try to get closer to the target at least,” he added.
“Our revenue efforts have been geared up and the FBR collection is witnessing almost double growth in the range of 7 to 8 percent in the first 22 days of ongoing month (February 2019) against the growth of just 3 to 4 percent in revenue collection during the first seven months (July-Jan) period of the current fiscal year,” a top official in the FBR said.
The team has yielded positive results for FBR, the official said, adding that FBR staff deployed at mega chain stores, has found massive discrepancies in their real sales and those shown in tax records.
He was confident that this could increase the revenue collection by billions of rupees from major cities such as Karachi, Lahore, and others in months ahead of the ongoing financial year.
Via: The News