The Federal Board of Revenue (FBR) has announced plans to take action against unregistered businesses starting October 1. This crackdown will specifically target individuals operating under benami (undisclosed ownership) or fake names.
FBR officials stated that third-party data collection methods will be utilized to gather information on unregistered entities. Current records indicate that only 300,000 manufacturers are registered for sales tax in Pakistan. Following the crackdown, the FBR aims to register an additional 3 million shopkeepers for sales tax compliance. The board will also focus on transferring benami electricity and gas meters to their rightful owners.
To streamline the registration process, the FBR will implement a biometric system to collect details of bank accounts linked to shops and businesses. Additionally, copies of rental and lease agreements will be required to ensure compliance.
Earlier, the FBR cautioned citizens against waiting until the last minute to file their income tax returns, emphasizing that no extensions will be granted. FBR spokesperson Bakhtiar Muhammad urged taxpayers to submit their taxes before the September 30, 2024 deadline to support Pakistan’s economy. The government aims to promote a culture of tax compliance, deemed essential for the country's economic stability and growth.