KARACHI: Chairman of the Federal Board of Revenue (FBR) held a meeting with a 15-member delegation of the All Pakistan Sarafa Gems and Jewellers Association, led by its president Qasim Shakarpuri.
Qasim Shakarpuri said that during the talks, a four-member committee was formed to review the taxation-related issues faced by jewellers. He added that the FBR chairman directed officials to suspend raids on jewellery markets until September 30.
According to Shakarpuri, FBR currently holds data of 35,000 jewellers and has instructed all members of the trade to file accurate income tax returns. He said more than 6,000 jewellers had declared zero income in their statements.
The FBR chairman revealed that 14,000 jewellers had not filed any tax returns, while 15,000 who did submit returns had declared figures that were not in line with their actual income. He warned that action would be initiated against jewellers failing to submit correct returns after September 30.
The FBR has also categorised jewellers into four groups – A, B, C and D – based on compliance. Shops in Category A will display a green plate, those in Category B a yellow plate, while decisions regarding Categories C and D will be announced later.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.