KARACHI: The Federal Board of Revenue (FBR), accelerating the drive against big fishes, asked all directors of Intelligence & Investigation- In land Revenue (I&I-IR) to furnish the updated information of tax evasions by high net worth individuals.
Sources informed Custom News that the FBR has issued a directives to all regional directors of I&I-IR wings which are situated in Peshawar, Islamabad, Faisalbad, Lahore, Multan, Hyderabad and Karachi advising them to furnish updated information regarding high net worth individuals who are allegedly defaulters of billions of rupees in taxes by concealing their actual annual incomes in their tax returns.
On the special instructions of recently appointed Deputy General (DG) IRS,Khawaja Tanveer Ahmad, Director I&I-IR Head Quarters, Zafar Iqbal Khan wrote a letter to all directors of I&I-IR across the country asking tthem to provide updated information of high net worth individuals including doctors, sportsmen, fashion designers, owners of luxury vehicles, professionals, politicians, frequent travellers, and others.
Sources further added that the FBR recently launched an investigatin into matter of tax evasions by high net worth individuals and FBR advised I&I-IR wing to furnish updated information of finalised and pending cases to the Headquarters.
In a letter, FBR sought information of finalised and pending/under process cases with details of National Tax Number (NTN), amount of revenue involved in case, names of Regional Tax Office (RTO) or Large Tax Unit (LTU), where the high net worth individuals are registered, and follow up/ field offices responses.
In this regard special teams have been constituted by the authority while many successful raids already have been conducted by the teams which resulted in recovery of handsome amount of evaded tax money from various famous fashion designers. Numerous fashion stores and fashion designers are in negotiations with tax authorities to settle their evaded tax amount.
Recently, special team of Directorate of I&I-IR visited Hill Park general Hospital and scrutinized hospital’s accounts and other financial record, however no further action is taken by the authority yet, added sources.
These tax evaders will be dealt with under Income Tax Ordinance, 2001. Show-cause notices under the ordinance are likely to be issued to accused tax evaders by the IRS.
It is to recall that former Pakistan cricket team captain Younis Khan and current captain of T20 Shahid Afridi were among four cricketers who were slapped with notices by authorities for not paying taxes in 2013. Apart from Younis and Afridi, Umar Akmal and Abdul Razzaq were the other two players who served notices by the FBR for not paying taxes amounting to around 80 million rupees in 2013.