The Federal Board of Revenue (FBR) has exposed a mega scam involving Rs60 billion overseas transactions, made by a foreign company to 70,000 individuals in Pakistan, who did not mention those to the tax authority.
Investigations into the scam needed issuance of show-cause notices to 70,000 individuals. The exercise is likely to fetch about Rs10 billion taxes and expand the tax net, added the sources. Such amount sent by a company registered in the US, but it has no trace in Pakistan. Remittances were sent by engaging different 27 banks on the sale of different items and freelancer consultancy.
The FBR officials told this correspondent that out of 70,000 individuals, 45,012 not registered with the FBR. And 17,985 had filed income tax returns with the FBR but did not pay any tax. They never showed any income from the international remittances. Other 12,618 individuals registered with the FBR and NTNs issued, but did not pay any tax, neither filed the Tax returns.
The investigation showed that a huge amount of Rs60,308,760,650 disbursed to 75,615 beneficiaries in Pakistan. By Using local banks in Pakistan in less than two-and-a-half years.