ISLAMABAD: The Federal Board of Revenue (FBR) has compiled information on over 57,000 jewellers nationwide as part of an overall effort to crack down on tax evasion, sources disclosed on Monday.
FBR sources indicated that there are only 20,000 jewellers registered with the tax department, and among them, only 10,000 have submitted their tax returns.
Most jewellers are said to be underreporting their income to evade taxes. FBR personnel have said that stiff action will be taken against those proved guilty of tax evasion.
In the first phase of this operation, a list of 800 Punjab-based jewellers has been drawn up. They include jewellers in Lahore, Rawalpindi, Faisalabad, and Multan.
FBR officials say most of these jewellers are paying minimal taxes despite sales in millions of rupees.
The officials pointed out inconsistencies between the notified tax returns and the jewellers’ business volume, lifestyle, and shop activity.
The FBR has issued these people notices and called for an explanation.
Thousands of jewellers remain outside the tax net, FBR sources said, adding that attempts are being made to bring all sectors under the tax net.
FBR officials made it clear that no industrialist or businessman will be served a notice without reason.
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