LAHORE: The Federal Board of Revenue (FBR) has gathered data on more than 60,000 jewellers across Pakistan as part of a broader effort to address tax evasion in the sector.
Sources said a large number of jewellers are underreporting their income. Out of the 60,000, only 21,000 are registered with the FBR, and just 10,524 have submitted tax returns.
In the first phase of the operation, the FBR is focusing on traders in Lahore, Rawalpindi, Faisalabad, and Multan.
A list of 900 jewelers in Punjab has been compiled, and notices have been issued demanding explanations for income declarations that do not match their businesses, spending, or lifestyle.
Officials noted that many jewellers have either not registered with the FBR or are declaring unrealistically low income. Those found to be underpaying are being contacted for clarification.
The FBR emphasized that its aim is to bring all sectors into the tax net without targeting anyone unfairly. They reiterated that the country’s economy can only improve when every individual pays their fair share of taxes.
This move follows the FBR’s recent announcement that action would also be taken against individuals who display excessive wealth on social media or spend extravagantly on weddings, including non-filers wearing luxury suits worth thousands of dollars.
