ISLAMABAD: Federal Board of Revenue (FBR) is launching a whistleblowing system to incentivize citizens and firms to confidentially report tax evasion.
As per details, FBR is procuring professional firms to find individuals and businesses. According to new initiative, high rewards (up to maximum of Rs 150 million) would be given to successful reporting.
The new system will operate completely confidentially and firms will do their on research based upon available data to identify major tax leakages.
FBR is also considering to publish tax directory to support these firms. This can be a potential game changer ahead of income tax return submission
Moreover, firms will also use asset data, vehicles, major spent of individuals and businesses to identify tax evasion.
Reportedly, several meetings held with potential firms to ascertain their willingness and super positive response have been showed by potential firms.
Furthermore, potential firms have assured their participation due to business potential as well as national service.
Earlier, Prime Minister Shehbaz Sharif directed the Federal Board of Revenue to expedite the completion of the income and sales taxpayer directory, aimed at recognizing and honoring responsible taxpayers.
He issued these directives while chairing a high-level meeting on FBR-related matters in Islamabad today (Tuesday).
The Prime Minister remarked that responsible citizens who regularly pay taxes are the backbone of the national economy. He noted that acknowledging taxpayers and taking firm action against tax evaders would contribute significantly to broadening the tax base.
Shehbaz Sharif asked the FBR to foster a business-friendly environment and ensure the provision of all possible facilities to taxpayers. He also directed the hiring of professionals to identify tax evaders and recover dues from them.
He stressed the importance of leveraging both FBR’s internal resources and private sector expertise to detect individuals and companies involved in tax evasion. He further advised to launch a public awareness campaign regarding government measures against tax evasion.
