FBR redefines ‘Tax Fraud’, establishes wing to investigate cases

Pakistan, July 25, 2024: The Federal Board of Revenue (FBR) redefines the term “Tax Fraud.”  According to the new definition, tax fraud now means false statements of tax returns, deliberate misrepresentation, concealment of income, and manipulation of financial records to trick taxes.

FBR aims to close all loopholes to curb tax evasion. Moreover, this formal initiative was meant to clear all the misconceptions in the minds of taxpayers and violators. There is absolutely no way to escape.

Also Read: FBR Prepares To Set Monthly Tax Rates Under Tajir Dost Scheme

A special wing is established to investigate tax fraud cases, fully equipped with all the necessary tools and technologies. In addition, another team of professionals trained in financial analysis and forensic accounting will assist the special wing. Together, they will ensure the detection, investigation, and prosecution of tax fraud cases to hold the accusers accountable.

FBR’s firm stance against tax evasion is a significant step in promoting transparency and increasing overall tax revenue. By ensuring tax compliance, the government is taking measures to stabilize the country’s fluctuating economy. Later, the generated tax revenue will be utilized in other public service projects.

FBR has also taken initiatives to bring small businesses into the formal economy. The detailed and clear definition of tax fraud signals to small businesses that they should avoid resistance by making lame statements or trying illicit activities to avoid inconvenience. FBR teams are already working on guiding business owners about the benefits of tax reforms to make the process smooth. They will leave no stone unturned to ensure tax compliance. Citizens are expected to cooperate.

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