FBR says non-filers to be sentenced two years in prison
Finance Minister Shaukat Tarin has warned that “all tools” were available to the government to catch tax evaders.
Tarin addressed a seminar at the Pakistani embassy in Washington DC. The finance minister also held a virtual meeting with his Saudi counterpart.
The warning from the finance minister comes on the last day to file tax returns. The FBR’s deadline ends on October 15 and it has said that no extension would be granted.
In a statement issued on Friday, the FBR said a failure to submit income tax returns would result in a daily fine of Rs1,000 while the non-filers will be sentenced to two years in prison.
The FBR has said that so far more than 2.5 million people have submitted tax returns. Despite a full-fledged campaign, the annual target of 3.5 million returns has not been met.
Speaking at the Pakistan embassy in Washington, Shaukt Train said the tax network in Pakistan is being expanded and retailers are also being brought into the tax net.
“All the tools are now available to catch tax evaders,” Tarin said.
The finance minister said that overseas Pakistanis play an important role in the economy.
Speaking about the country’s economic performance, he said Pakistan’s exports are on the rise and the fruits of a better economy would be passed on to the common man.
The finance minister said easy loans will be provided to farmers and interest free loans of Rs500,000 will be given to small businesses.
In the next few years, easy loans will be distributed to 3.7 million people, he added.
Shaukat Tarin claimed that in four years the impoverished class will look prosperous.
Meanwhile, Tarin held a virtual meeting with Saudi Finance Minister Muhammad bin Abdullah Al-Jadaan and discussed the issues of mutual interest.
The ministers discussed measures to enhance Pak-Saudi economic cooperation, Pakistan’s finance ministry said in a statement.
Shaukat Tarin is in Washington DC to hold talks with the International Monetary Fund (IMF) on the next instalment of the IMF programme for Pakistan.
A day earlier, he spoke to the think tank the United States Institute of Peace, or USIP, and defended the Chinese investment in Pakistan.
Tarin said Pakistan valued China’s contribution to the development of necessary infrastructure in Pakistan, but the investment would not affect Pakistan-US relations.