FBR (Federal Board Of Revenue) Issued tax notices to more than 300 Jewellers of city LAHORE. In first phase these notices has been issued to the jewellers of area of Gulberg, Defence Housing Authority (DHA) and cant area.
These notices were issued from the FBR for the registration in sales tax.Taxpayers have been given time under the law to get them registered under the sales tax, and for this purpose procedure and relevant law has already been given under the sales tax act 1990.
Previously, powers were given to the FBR and FIA TO investigate the matter. The FTO asked the Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to initiate inquiry against all the officers, departments and importer/exporters involved in misuse of import-cum-exports’ facility in respect of gold, jewellery and other precious metals resulting in massive loss of revenue to national exchequer.
The sale proceeds shall be realized within 120 days from the date of export and the commercial banks shall ensure that sale proceeds are repatriated in full within 120 days; otherwise, commercial banks shall inform State Bank of Pakistan (SBP) as well as to TDAP.
The FTO observed that during special audit, the Directorate General of Internal Audit detected serious regularities of Model Customs Collectorate (MCC) Peshawar, MCC (Export) Port Qasim, Karachi, MCC Islamabad and MCC Preventive Lahore.
The Federal Board of Revenue (FBR) is all geared up to launch a drive against those jewellers that are in possession of undeclared gold.
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