Business
Software system to be installed with institutions to prevent tax evasion
The FBR issues a notification according to which installation of software will be extended to the tax net through online integration of businesses.
Lahore: The Federal Board of Revenue (FBR) decided to link large institutions with a software system to prevent tax evasion, the sources said on Saturday.
The FBR issued a notification according to which installation of software would be extended to the tax net through online integration of businesses.
The various companies including elite clubs, health and educational institutions would be connected to the software system. Gym clubs, health clubs, personal care, health care, and slimming clinics would also be linked with the software.
According to the FBR, Lahore Gymkhana, Islamabad Club, Chenab Club, Royal Palm Lahore, Karachi Gymkhana, and Polo Club would be connected with the software system.
Money changers, forex dealers, and foreign companies would also be bound by the software.
The major hospitals, laboratories, and private schools, colleges would also have software installed.
According to the notification, the software would not be installed in hotels and small restaurants with less than 45 square feet area.
The installation of software would control sales tax, income tax, and withholding tax evasion. Its implementation will commence from the start of the next fiscal year, July 1, 2024.