The Federal Board of Revenue (FBR) has announced that it will begin taking action against unregistered businesses starting October 1. This initiative will specifically target individuals operating under benami (undisclosed ownership) or false names.
FBR officials indicated that they will use third-party data collection methods to gather information on unregistered entities. Currently, only 300,000 manufacturers are registered for sales tax in Pakistan, and the FBR aims to register an additional 3 million shopkeepers as part of this crackdown. They will also work on transferring benami electricity and gas meters to their rightful owners.
To facilitate the registration process, the FBR will introduce a biometric system to collect information on bank accounts linked to shops and businesses. Additionally, businesses will need to provide copies of rental and lease agreements to ensure compliance.
Previously, the FBR advised citizens not to wait until the last moment to file their income tax returns, stressing that no extensions would be provided. FBR spokesperson Bakhtiar Muhammad urged taxpayers to submit their returns before the September 30, 2024 deadline to help support Pakistan’s economy. The government aims to foster a culture of tax compliance, which is crucial for the nation’s economic stability and growth.
