KARACHI – Pakistani authorities continue to tighten noose around non-filers, and now banks are sharing records with Federal Board of Revenue.
With all other stern measures and restrictions, there is another update as if you are a credit card user spending over Rs2Lac a month and have not filed your taxes, you will land on FBR’s new list.
The country’s apex tax collection agency started keeping sharp eye on credit card users making heavy purchases amid strict financial scrutiny. Individuals spending more than Rs2Lac a month on credit cards will now have to justify their expenses, as the tax authority intensifies its focus on non-filers.
Commercial banks have started sharing detailed customer data with government, and taxpayers are being instructed to declare all card-based shopping in their income tax returns.
The authority also made it crystal clear that October 15 is absolute deadline for submitting returns, warning that no further extensions will be granted. To add pressure, SMS reminders are being sent to tax defaulters across the country.
Officials say that tracking credit card spending will help expose the real income of those who have been evading taxes. After the deadline, strict action will be taken against individuals running businesses or making large online payments without filing returns. Notices will also be issued to people spending millions on cards while failing to declare their income, signaling a zero-tolerance approach for tax evasion.
In a similar update, Federal Board of Revenue (FBR) sent clear warning to taxpayer as file your income tax returns by deadline or face late-filer status and penalties. Officials confirmed the removal of the “Estimated Fair Market Value” column from returns to simplify filing.
They also dismissed claims that the IRIS system is slowing down, assuring taxpayers that the platform is fully operational and ready for use.
