The Federal Board of Revenue (FBR) has acquired from the State Bank of Pakistan (SBP) information about bank account holders having deposits above Rs0.5 million, a private media outlet reported on Tuesday.
The details of account holders would be obtained for the purpose of broadening the tax base.
The exercise started after a letter was received by the FBR from the Prime Minister’s Office. Prime Minister Imran Khan had expressed concerns over narrow taxation base, low tax-to-GDP ratio and systematic aberrations in the taxation system. He desired that concerted efforts should be carried out in order to increase the tax base.
In this regard, an Inland Revenue member issued directives to all the chief commissioners and Broadening of Tax Base director general for taking appropriate measures.
The officials were directed that the data of bank account holders above the threshold of Rs500,000 should be examined with the assistance of the SBP. They were also told that the data of all industrial and commercial power connections should be obtained from distribution companies (DISCOs) to ensure filing of tax returns by all concerned.
“Information about all owner/tenants living in houses of two kanals or more should be obtained, while information about people owning luxury vehicles of 2,400CC and above should be scrutinised objectively,” it was informed.
The officials were also directed to analyse the information about frequent foreign travellers.
The tax offices were directed that in addition to the above, existing baseline data of all the above areas/indicators along with the targets set by field formations for the tax year 2019/2020 need to be shared by June 11, 2019 as directed by the prime minister.
The prime minister will review the performance of FBR in the context of the broadening and widening tax base on a monthly basis.
I m afraid people will not keep their money in banks any more if this type of practice will be carried on !
This will create more problems than this govt already facing !
The amount should be 5 million instead of point five million !
Ofcourse, these incompetent bearucrates will plunge economy…i would draw my money from bank…i habe been paying tax for last 14 yrs for what?
100% agreed
agreed
This will end all remaining economic activity and people will not deposit money in banks any more.. BYE BYE all banks only national bank will remain in the end.
This govt is just focusing to get money out of people somehow and not focusing to increase business activity whereas on other hand they lose billions in economy with their stupid actions
100% right,
right dear
Agree
They will never go after the Fish but as usual try to make the lives of middle class people even more miserable!
Big*
Khan earn money withnhis fame he was never been into any business i know these kinda practices will ruin your economy
IK must focus to increase business activities and dollars in the country which will only be possible through exports and or remittance. But local tax will increase burdon on common man. This will increase power of FBR and discourage local businesses. We have done nothing to increase exports and decrease imports. New chairman FBR will use his wisdom put burdon on poor masses and then go back to his safe job. This has happened in the past. Pakistan will remain under burdon of loans with such policies.
It’s seems one is a criminal if one knows how to legally earn money … 5 lacs in the bank and an inquiry ???
The curruption and inefficiency of the taxation department needs to be fixed.
The failure of governments to provide relevant education to the masses … Such as good citizenship, enterprenership , character building , math , science , talent building , career options , marketing , etc ..
Creation of jobs ..
Future careers
Awareness campaigns
The country needs a massive overhaul …
But five lacs in the bank…. And an inquiry … ?
Foolish/ foolish /pagel now people can not deposit in banks because 5 lac will be charged tax yearly rup
Stupid actions will jeopadize the banking business in Pakistan. Instead of recovering corruption money from big fishes Govt. is trying to suck blood from general public. What about the raid of Sharjeel memon house, Dr. Asim, Uzair Baloch, Agha Siraj Durrani etc.?
How stupid can FBR get. No better way to kill the economy and ruin banking. The government has no right to snoop on our bank accounts.
Tax is a byproduct of all business activity. We rather enhancing business realm trying to make the activity more deplorable. Pakistan is always a test lab for new adventure. Let’s see the Naya Pakistan…
Bank lockers will b full and accounts will b empty
Very true.
I concur with Dr. Abdus Sami, land withholdings, plots in famous Societies across the country, credit card spending and automobiles above 2400 cc are better yardstick for increasing Tax Payers. Bank Account above 0.5 million is not a wise idea.
5k is too low an amount to trigger a tax enquiry against the depositor. I think foreign traveller and 2400cc vehicle owners are good indicators because these two don’t represent middle class and salaried class. These indicators will bring into account the landlords as well.
This type of exercise should be done secretly not by beating drums.
Patient has died. Announcement is being delayed. Its just this story.
Yes it’s right action on the wrong time.
Does Khan thing the corrupt FBR will happen this. No way. Just only the FBR officers warm there pockets.
And Khan just make middle class lives more difficult.
Stupid Idea, you are scarring away the potential business activity. If you want to learn how to enhance the Tax Base then our neighbors are doing fairly well in this respect, try to learn from their experience.
I think 15 lakh is the amout who will b charged tax ..
But 5 lakh is miserable thinking
And other all decisen is perfect like 2400cc aur 2 kanal above etc etc
2 kanal become in luxery its not good coz I think one kanal above should b obtain in luxery cox middel class ppl have no 2 marla house of his own in this country so one kanall enoghhh
Stupid expertries of incompetent bearucrates…..wht have you done of big fish like ishaq Dar, Nawaz sharif, Hamza, zardar, and many beaurucrates and journalists……nothing.!!!
Its a gud solution to Kill the poors
The rich and powerful will always evade tax. 500,000 can be a life long saving of a poor man. I mean no one can buy a car, plot or home with this type of money.
This gov shall go down.
Stop leeching on the poor. FBR personnel are corrupt & thugs, it will not change a thing. Only create distrust and misery among people.
This is very unfortunate for us as a nation that no one wants to pay taxes , I think these are very appropriate measures to be taken but lowest benchmark should be increased to 1 million .
Really stupid govt heading toward one more step to lose remaining trust. What is worth of 500000 in new Pakistan ? Don’t crush common Pakistani .
Now the Govt will lose the WHT Deduction on bank deposits as well. This kind of childhood treatment will ruin the economy more as its already slipped from the existing Government hands. Their foolish steps is ruining economy more in shortest period of time. Don’t know whether they got vote from public for this kind of activities? Very astonishing and problematic Govt they are running!
Imran and his Govt plan is to Crush the poor community and nothing else. Hamay Wapus Apna Porana Pakistan Deyla Do. Hamay Naya Pakistan Nahin Chahey. Thanks Imran Khan sb for your Naya Pakistan. Enough is enough now
This type of practice will negatively effect IKs efforts in presence of corrupt and incompetent FBR. I know many people who pay taxes but still don’t do tax filing just because of fear of corrupt beaurocrates
FBR and Lawyers community are corrupt, IT Commissioner is corrupt, Collector is corrupt, police are corrupt, how can we change this Pakistan to Naya Pakistan in the presence of these………??????
Agree
I think it should be 15 lakh and I K should get at least 3000 per year in from every local shop throughout country as income tax which is 250 rupees per month I think I K government should impose fixed income tax through online easy system this will help people to pay easy tax but not by corrupt FBR
How about starting with 50m and above first, and going down from there?
Absolutely agreed!
Though big fishes are behind the bars, but in air conditioned living. They are provided the Land cruiser (air conditioned) for NAB and Accountability courts. Further, they have been allowed to attend the Parliament session (air conditioned). So from jail to Parliament and then courts, every where they are provided with air conditioned environment, how they can give back the looted money. If they do this then I think they people are mad. Further, Cardio ward has been also established in jail, this is again “Sonay Pe Sohaga”. Instead of creating problems for the big fishes, FBR and the Govt institutions are creating problems for the poor. For small amount of Taxes i.e 13 Billions Rupees only , Govt has ruined his all its credibility just following the IMF provided personnel. Further with one order 952 Billion Rupees (40000 bond investment) have become in problem zone. Confidence on govt has been shattered like formal PM Nawaz Sharif imposed ban on draw of Dollar after nuclear power declaration. So what is the difference between Formal and current Govt. Previously, we have faced and looted by the two Parties, and now the third one has emerged. That is “Nora Kushti” between three parties has started.
After too much consultations and expert opinions IK Govt has devised the best formula to crash economy
nonsense act andeed
Now we know why this Cricketer left All his Money back in England! With his Wife and Children! And He did not Hide it but left it in plain sight! This is a very shrewed guy made a fool out of The Voters and the Generals and even Ehtisaab investigators LOL! He is too smart for Simple country like Pakistan! He threw us all a Googly Ball!
No one wants to pay Taxes in Pakistan especially not the Elite who control the system!
So why should Khan Sahib pay? His ex Jemina and his Boys have it All, like all the Judges in Pakistan!
We Let the World Bank squeeze this Turnip for whatever blood it has left! Pathetic!