Tax evasion to be dealt with iron hand: Khurram Shahzad warned
Advisor to the Finance Minister Khurram Shahzad Friday announced that FBR has collaborated with the National Database and Registration Authority (NADRA) to present a report aimed at tackling non-filers and underfilers with a focus on tightening laws to prevent tax theft and steer the economy in the right direction.
In an exclusive interview with a private news channel, Khurram revealed that the Federal Board of Revenue (FBR) has launched a nationwide crackdown on tax evaders.
As part of this effort, the Federal Board of Revenue (FBR) has collaborated with the National Database and Registration Authority (NADRA) to identify and prosecute individuals who have failed to pay their taxes, he said, adding that this joint initiative aims to root out tax evasion and ensure compliance with tax laws across the country.
He said that the present government has adopted a zero-tolerance stance towards tax evasion, with authorities vowing to take stern action against those who fail to comply with tax laws, leaving no quarter for tax evaders to escape the full force of the law.
Khurram further mentioned that non-filers will face severe restrictions, including being barred from buying vehicles and properties, prohibited from investing in mutual funds, facing difficulties in opening and managing current bank accounts and experiencing hurdles in cash withdrawals and deposits, ultimately making it imperative for them to file their tax returns.
To tackle under-filing, the government plans to introduce a digital platform that minimizes human involvement. This digital interface will utilize advanced algorithms to detect discrepancies between declared assets and their actual value, ensuring greater accuracy and transparency in tax filings, he added.
Khurram disclosed that the Federal Board of Revenue (FBR) in collaboration with the National Database and Registration Authority (NADRA) has successfully identified approximately 4.9 million wealthy and affluent individuals who will be brought into the tax net.
This initiative aims to ensure that those who can afford to pay taxes do so, without imposing additional burdens on low-income individuals, he added.
Khurram revealed that the Federal Board of Revenue (FBR) has upgraded its data analytic capabilities, estimating a staggering tax gap of Rs 7.1 trillion.
Replying to a question, he said the government is committed to resolving all outstanding issues with traders through mutual agreement, paving the way for a more harmonious relationship.
Moreover, the government plans to implement a tax regime that will boost the economy, promoting growth and development, he added.
This move aims to strengthen the country’s revenue base, ultimately benefiting the nation as a whole, he concluded.
