FBR may launch new scheme for informers

[Naveed Yaseen]

ISLAMABAD (February 07 2009): The Federal Board of Revenue (FBR) is likely to launch a new scheme for informers to detect big tax evaders for expanding the tax-base. Sources told Business Recorder on Friday that the FBR was planning to launch a scheme for discovery of tax evaders based upon rewards for the informers. The idea is to unearth those potential persons, who are still out of the tax net.

The incentive of lucrative rewards would be offered to attract people for disclosing information about the potential persons, evading taxes. The board is also bringing changes in the Unified Reward Rules 2006. The department is also using third party data from different government departments for detection of potential taxpayers.

It is important to mention that the tax machinery is equipped with database to take possible action against the potential owners of undisclosed income and assets, which have not availed of the benefits of the Investment Tax Scheme-2008. This was the first of its kind of scheme where discretion to work out fair market value of the undisclosed/unexplained assets has been given to the taxpayers under the Investment Tax Scheme-2008 to avoid valuation related complications.

The FBR maintained that an authentic database of taxpayers and linkage of information with external sources like banks, utility companies and others. The board has enough data to verify information in the field formations for which a computer system, "NEXUS" is already working to broaden the tax-base.

http://www.brecorder.com/index.php?id=883822