FBR, IB recover Rs178 billion in joint action against tax evasion and hoarding

The Federal Board of Revenue (FBR) and the Intelligence Bureau (IB) together recovered Rs178 billion following a country-wide campaign against tax evasion and hoarding, according to a report submitted to Prime Minister Shehbaz Sharif on Monday.

The PM Office released a short press statement to note that the Prime Minister commended both institutions on their coordination, stating that efforts in the public sector are important for strengthening the economy of Pakistan.

He emphasised that all governmental departments need to work towards maximising tax revenue to establish a trajectory of financial sustainability.

According to the report prepared by both the FBR and IB, the recovery of Rs69 billion was made by claiming outstanding dues as well as those attached to recent mergers in the telecom sector.

The IB also conducted 515 raids related to tax evasion in important avenues, including sugar, beverages, edible oil, animal feed, tobacco, and cement, which produced Rs10.5 billion in recoveries.

Moreover, in an attempt to control artificially inflated prices as well as hoarding practices, the IB conducted operations in the context of over 13,000 raid actions in connection with the sugar, fertiliser, and wheat markets. As a result of these raid actions, they seized hoarded goods worth more than Rs99 billion since April 2022.

Prime Minister Shehbaz Sharif stated that these actions prove that the government is serious about addressing nefarious financial actions in the country. He urged authorities to continue their work and ensure transparency in tax collection.