The Federal Board of Revenue (FBR) has traced out approximately 10,000 people who are involved in cash transactions running into trillions of rupees allegedly for the purpose of tax evasion, with possibility of involvement in money laundering.
The investigation kickstarted after they received complaints of alleged money laundering and terror financing and kick-started formal investigation against 36 to 40 cases. The FBR is vigorously pursuing cases of alleged tax evasion, money laundering and terror financing in order to comply with Financial Action Task Force (FATF) conditions necessary to exit the grey list.
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There were rampant complaints that different kinds of modus operandi were being used to establish outfits on the front for the purpose of money laundering and terror financing.
The FBR is looking into the affairs of Non-Profit Organizations (NPOs) and International Non-Profit Organizations (INPOs) with regard to alleged involvement in such cases and their money trails are being investigated.
FBR’s Director General of Intelligence and & Investigations Inland Revenues compiled a database which discloses cash transactions worth trillions of rupees by less than 10,000 people. He has, therefore, started a campaign against all tax evaders particularly those who are unregistered or registered but paying nominal tax despite making supplies worth billions of rupees.
FBR has traced out less than 10,000 people who are involved in cash transactions running into trillions of rupees allegedly for the purpose of tax evasion and with possibility of involvement in money laundering.https://t.co/puV2pcFEc4
— Mehtab Haider (@haider_mehtab) January 11, 2020
According to the Director General, the initial scrutiny suggests that some businesses are also transacting in cash to avoid the incidence of tax but their primary focus are the cases of cash transactions running in billions of rupees by individuals paying a meagre amount of tax, or unregistered persons suspected to be involved in terror financing who may be subjected to Anti-Money Laundering (AML) Act 2010.
His investigation into alleged money laundering and terror financing is being done in collaboration with Pakistan Centre for Philanthropy (PCP), the designated NGO certification agency by the FBR.
We believe in transparency and across the board accountability and look at the taxpaying community with highest esteem and honour but fraudsters and tax evaders will not be spared
FBR assures all cases will be handled with abundant precaution to ensue innocent people are not subject to unnecessary investigations or proceedings.
“In this regard selected cases after proper scrutiny were identified so that genuine taxpayers do not feel any harassment being the asset of the nation,” said a top official from FBR.
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“We believe in transparency and across the board accountability and look at the taxpaying community with highest esteem and honour but fraudsters and tax evaders will not be spared,” said the official while claiming that the campaign against tax evaders will pick up momentum soon.
However, it was added that while ensuring innocent people are safeguarded from such inconvenience, they will not undermine the efforts of the present regime to go tough on money laundering and massive tax evasion.