Official sources told Propecstani that the Federal Board of Revenue (FBR) has set data about more than 60,000 jewelry across the country, which are part of a crackdown on tax evasion in the sector.
According to sources, only 21,000 of them are registered with the FBR, and of them, only 10,524 have submitted tax declarations.
FBR sources told proposal that many jewelry are allegedly reducing their income to avoid taxes. The implementation of the implementation has begun, which has a preliminary list of 900 jewelry manufactured in Punjab, in which Lahore, Rawalpindi, Faisalabad and Multan have been covered for scrutiny.
Officials noted the contradictions between some filers’ announced income and their outward shop size, commercial activity and lifestyle indicators. Thousands of jewelers are still out of tax. Sources added that specifications are being issued to the under -decline so that explanations can be obtained and compliance.
Commenting on the campaign, FBR officials said it aims to bring all sectors into a tax net. An official said, “We will not issue notices for no reason. If everyone plays their fair share honestly, the country will work properly.”
After giving fresh attention to the commercial volume and margin in the jewelry market, gold prices rose once again after a letter dip.