FBR and year 2017

Year 2016, was when Federal Bureau of Revenue brought in the court the biggest tax evader in country. There court actions taken against the businesses that been evading taxes, not only businesses of large scale had been targeted but large businesses were also brought to justice, such as WAPDA Lahore was under investigation. Even after all these attempts the tax gap still prevailed in the economy, and as a consequence of that gap, year 2017 would also go through under such rigid action by law enforcing agencies. This is becoming even more evident after the disclosure of the fact that many countries from middle east will be sharing information with the Pakistani authorities through banks, which help the government investigate the tax evasion with even more horizons that will under the investigation. As an official from Federal board of revenue said

“The FBR (Federal Board of Revenue) is discussing modalities with the banks to set up a system for exchanging information with member countries of OECD,” a senior tax official said, requesting anonymity. “This system will be applicable from the tax year 2018 (July 2017-June 2018).”

The main purpose of this move is to find out how businesses and individual had “parked” their wealth away in foreign countries to avoid taxation. It would be in best interest of businesses and individuals to be well prepared for such action from government in the coming year as well. Businesses should focus on preparing their income tax returns, and other tax documents. To help businesses to do so, Sayub & co. offers its services to help business. Such as Income tax return services for businesses who need help to prepare their tax return according to the tax in Pakistan. All the services that Sayub & co. will provide to your business will be according the law of Pakistan. To get help with your taxes contact now