Banks, Wapda and PTCL database: FBR can make provisional assessments of HNWIs

The Federal Board of Revenue can make provisional assessments of high net worth individuals on the basis of data available with the monthly withholding statements filed by banks/Wapda/PTCL/mobile companies. According to a tweet of international tax expert Dr Ikramul Haq on Saturday, the FBR is fully equipped and ready but banks & mobile companies are reluctant while Wapda and telecom companies lack capacity and systems.
Banks/Wapda/PTCL/mobile companies collecting taxes on behalf of the FBR are fully computerised. By using their database, the FBR can make provisional assessments in respect of persons having taxable income but not filing tax returns. This will end the undesirable regime of non-filers. They all are required under the law to file monthly withholding statements containing the data and it is available. The FBR is a bit lethargic and sleeping over it, Dr Ikramul Haq added.