ISLAMABAD: Following directive of Prime Minister Shehbaz Sharif, the Federal Board of Revenue (FBR) has finalised an enforcement plan for taking action against un-registered rich people including non-filers and nil-filers, targeting high-net worth individuals.
Sources told Business Recorder that the FBR has completed its homework for the implementation of the enforcement plan at the level of the field formation. Non-filers and taxpayers, declaring zero-income or concealing income and assets would be the top target of the enforcement exercise.
Field formations would issue notices to the g high-net worth individuals after approval of the FBR chairman.
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In the first phase, the FBR will issue notices to 5,000 non-filers, with an estimated tax liability of Rs7 billion.
The tracking of these notices would be done through dedicated dashboard of the FBR.
After internal analysis with desk audit of transaction data for 200,000 non-filers, the top 5,000 high-net-worth individuals will receive notices in coming week.
These individuals reportedly own at least three cars, earn Rs100 million in bank account profits, pay over Rs200,000 monthly on credit card bills, and send their children to private schools.
The estimated combined net worth of these 5,000 individuals is Rs26 billion to Rs27 billion, with an expected Rs7 billion in revenue.
Each individual has an average net worth of Rs5.4 million and could potentially pay Rs1.4 million in income tax.
Copyright Business Recorder, 2024
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