The tax evasion limit for filers has been set at Rs100 million or more while for non-filers it is Rs25 million after some significant amendments to the Income Tax Ordinance 2001 were made.
According to the FBR, it will help in arresting people hiding their taxable income. A third party will investigate and identify the tax defaulters. The arrest will be approved by a committee comprising the finance minister, FBR Chairman, and senior member.
Once the notice has been issued on taxable income, there will be no further intimation from the FBR.
The Federal Board of Revenue (FBR) went over its tax collection target of Rs 4,691 billion for fiscal year 2020-21 and managed to collect Rs 4,725 billion.
But the FBR didn’t manage to meet its initially envisaged tax collection target of Rs4,963 billion for 2020-21, which was revised downward to Rs4,691 billion in line with the International Monetary Fund (IMF) agreement.
Tax collections increased by 18.2 per cent during the Financial Year 2020-21, FBR sources said.
Last year, the FBR had collected revenue of Rs3,997 billion.
The FBR made a net collection of Rs555 billion in June 2021 that helped the bureau jack up its overall collection to Rs 4,725 billion by the night of June 30.
The FBR’s collection had stood at Rs 4,170 billion during the first 11 months (July-May) period of the current fiscal year, so after adding a collection of June 2021, the overall collection went up to Rs 4,725 billion.