FBR gearing up to add car buyers into the tax net
Anyone who has purchased cars valued over Rs.1.5 million is now being accounted for by the Federal Board of Revenue (FBR).
The Department of Excise and Taxation along with the regional car manufacturers are aiding the FBR in gathering information about the owners of cars.
Which cost more than 15 lac, in order to include them in the tax net.
So far, approximately 600 people had been found who possess high-priced cars but are evading taxes. By deliberately omitting their cars from their assets. FBR declares that such individuals will have to suffer consequences.
Furthermore, people with non-custom paid vehicles are also being monitored by the Sindh excise and taxation department. If they fail to pay the tax on time then a substantial fine shall be imposed or worse, their cars will be confiscated.
The authorities are working together, so they could catch the tax evaders and penalize them. To do so, a panel of 11 teams has been put to work in several parts of Karachi.
The finance minister Asad Umer said, during his speech in the national assembly. Announced that the limit on non-filers on the purchase of cars and land is being reinstated. Overseas buyers of motorcycles and rickshaws of up to 200cc engine capacity, and widows will be exempted.