FBR and IB Recover Rs178 Billion in Crackdown on Tax Evaders

The Federal Board of Revenue (FBR) and the Intelligence Bureau (IB) have reported the recovery of Rs178 billion. This substantial amount was seized during an intensive operation targeting individuals involved in tax evasion and hoarding, initiated in April 2022.

The details were presented in a report to Prime Minister Shehbaz Sharif by the FBR and IB, outlining the specifics of the recoveries made.

According to a statement from the Prime Minister’s Office, over 13,000 targeted raids have been conducted since April 2022, focusing on sectors known for illicit stockpiling, such as sugar, fertilizer, and wheat.

These operations led to the discovery of commodities valued at over Rs99 billion that were being concealed from the market, thus disrupting black-market operations.

Furthermore, an additional 515 raids were carried out targeting industries including beverages, edible oil, tobacco, cement, and animal feed. These sectors are frequently under scrutiny for potential tax avoidance.

This rigorous enforcement resulted in a Rs69 billion increase in tax revenue. This boost was achieved through company mergers and the retrieval of outstanding dues within the telecommunications sector.

An additional Rs10.5 billion was secured by proactively preventing tax evasion attempts.

Prime Minister Shehbaz Sharif commended the collaborative efforts of the FBR and IB, emphasizing that their partnership is vital for reinforcing Pakistan’s economic foundation. He cautioned that without sustained cooperation among government bodies, the nation’s economic stability and public welfare could suffer.

“Pakistan’s progress hinges on institutions working in unison,” Sharif stated, encouraging all governmental departments to maintain momentum for continued growth and enhanced living standards.