FBR finalizes plan targeting unregistered high-net-worth individuals
The Federal Board of Revenue (FBR) has finalized an enforcement plan to enhance revenue collection targeting unregistered high net worth individuals including non-filers and zero income declarers. .
This initiative has been taken on the instructions of Prime Minister Shahbaz Sharif. FBR has completed its ground work for implementation plan at field formation level. The notices will be issued to high-net-worth individuals after the approval of the FBR chairman, initially targeting 5,000 non-filers who allegedly owe a total of Rs 7 billion in tax.
FBR’s dedicated dashboard will track these notices based on desk audit of transaction data of around 200,000 non-filers. The top 5,000 identified, who reportedly own at least three cars, earn Rs 100 million in bank account profits, pay Rs 200,000 a month on credit card bills, and send their children to private schools. Notices will be issued in the coming week.
The net worth of these individuals is estimated at 26 to 27 billion rupees, with an average of 5.4 million rupees per person. The FBR estimates that Rs 1.4 million will be collected in income tax per capita, which is a target of Rs 7 billion in total revenue.
