Federal Federal Board of Revenue (FBR) is set to tighten noose around 49 million bank depositors in order to find out new taxpayers.
Sources told that FBR detected 49 million banks accounts which are being used for business activities but they their account holders are still out of tax net.
It is worth mentioning that at present total return filers are only 1.5 million out of country’s population of 207 million people.
The FBR sources said that the federal tax authority was also considering to approach the Supreme Court of Pakistan for vacating stays in such cases.
The FBR’s move was result of latest probe into fake bank accounts that was initiated by federal investigation agency.
The sources said that the bank and financial institutions are paying withholding tax on the basis of deduction but they are not allowing access and providing details of their account holders.
The deposit back of banking industry has increased massively by 9.01 percent to staggering Rs13.06 trillion by June 30, 2018 as compared with Rs11.98 trillion on the same day a year ago.
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