The Federal Board of Revenue (FBR) has decided to launch a crackdown against wealthy individuals.
The idea of launching a crackdown was triggered when the FBR found that only 1,100 individuals have declared a net worth of Rs1 billion.
“The FBR has assigned a team for social media monitoring to identify potential tax dodgers in major urban centres of Pakistan and has found hundreds of such individuals,” said top official of FBR.
The whole idea of launching a crackdown against potential tax dodgers was triggered when the FBR scrutinised the tax returns of 2024 and found that only 1,100 people across Pakistan declared assets worth Rs1 billion.
When the criteria were further narrowed and the benchmark was set at holding assets or income worth Rs3 billion, the number decreased to just 100 individuals out of a total population of 240 million in the country.
The FBR, the official sources said, has deputed 450 Inland Revenue Service (IRS) inspectors across the country who have been assigned to conduct on-ground surveys to verify and check those who declared significantly fewer assets and income than they actually possess.
Initially, the FBR has identified three to four major areas. For instance, social media monitoring will be closely watched to identify those involved in showing off their wealth.
The FBR has secured information from event management companies to identify potential tax dodgers and found hundreds of individuals who have spent multi-million rupees on arranging marriage functions. They have spent millions on buying jewellery and organising wedding events.
