FBR to target wealthy flaunting riches on social media | The Express Tribune
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take action against wealthy individuals who pay little tax or are outside the tax net but flaunt their wealth on social media. Sources in FBR said that its social media team has collected data on 100,000 wealthy individuals living a lavish lifestyle. The income and…
ISLAMABAD:
The Federal Board of Revenue (FBR) has decided to take action against wealthy individuals who pay little tax or are outside the tax net but flaunt their wealth on social media.
Sources in FBR said that its social media team has collected data on 100,000 wealthy individuals living a lavish lifestyle. The income and expenses of those showcasing luxurious bungalows, flashy cars, and jewelry are being reviewed.
FBR officials have revealed that extravagant wedding expenditures will also be closely examined. Wedding suits valued at $20,000 each are being worn, and individuals who fail to declare their lavish lifestyle in their income tax returns will face consequences.
The FBR stated that it will compare the tax returns filed last year with those of this year and 80% of the total returns will be audited. Those who flaunt their wealth will be required to disclose their sources of income through their tax returns.
According to FBR officials, action will be taken against those who fail to declare an increase in their annual income in their tax returns. Such individuals are advised to update their tax returns to avoid legal action.
The FBR has warned that those who provide updated information in their income tax returns will not be questioned for now.
