Two or more cars of above 1000cc: buyers in Punjab to disclose source of investment

Every person in Punjab, who has booked two or more expensive cars of above 1000cc capacity, would have to disclose source of investment and file income tax returns to avoid strict action and punishment under the enforcement provisions of the Income Tax Ordinance 2001.
Sources told Business recorder here on Tuesday that the Federal Board of Revenue (FBR) has launched an enforcement drive in Punjab against owners of vehicles of above 1000cc, who have booked two or more cars, but have failed to file income tax returns, disclosing source of investment under provisions of the Income Tax Ordinance 2001.
Sources told Business Recorder that the FBR has obtained data of persons who booked vehicles having engine capacity 1000cc and above, from manufacturers. This has disclosed a number of rich persons who booked new vehicles, but are still out of the tax net. Based on the data obtained from manufacturers, the FBR has directed all Regional Tax Offices (RTOs) in Punjab to issue notices to all such persons who have booked new vehicles to file their income tax returns and wealth statements.
In case of non-compliance, the FBR will invoke the provisions of provisional assessment under section 122 (c) of the Income Tax Ordinance and take action against the non-compliant taxpayers. "The FBR will not spare these rich people who have booked expensive cars, but are not ready to pay anything into the national exchequer, sources said.
It is astonishing to note that a person in Lahore has booked 60 luxurious cars, but is reluctant to disclose his source of investment. In other cases, persons have booked 20-30 cars in one name. There is no bar on a person to only book one car on the basis of single National Tax Number (NTN) or computerised national identity card number (CNIC). There are instances where people have booked several expensive cars, but are not ready to file their income tax returns.
The relevant RTO has issued notices to the owners of all such vehicles to disclose their source of investment and also file their income tax returns. Khalid Aziz Banth, FBR Member, Domestic Operations (North), has implemented an effective data verification system at Lahore which is successfully running in Lahore.
The beauty of the vehicle verification system is that it is equipped with data of all newly booked cars, excluding small vehicles, available with the manufacturers. A special software has been implemented in Lahore where system can verify the vehicles-related information and disclose the owner of the vehicle on the basis of CNIC or NTN. The information would be effectively used for bringing rich people into the tax net.