Monday, December 4, 2023

FBR is taking action against Freelancer

ISLAMABAD: The FBR will take action against Freelancer after becoming aware of the transactions of Rs 60 billion from abroad, carried out by a foreign company for 70 thousand people, who did not mention them to the tax authorities.

However, Investigations into the coup required the issuing of notices of cause to 70,000 people. The inquiry is expecting to yield about Rs 10 billion in taxes and also expand the tax network, the sources added.

A company registered in the United States sent the amount, but there are no traces in Pakistan. Moreover, The remittances sent to 27 different banks in the sale of various items and freelance consulting.

FBR officials told that out of 70,000 people, 45,012 did not register with the FBR. And 17,985 filed an income tax return with the FBR but paid no tax. Another 12,618 individuals are registered with the FBR and had NTN, but did not pay tax or submit an income tax return.

Moreover, The Commissioner Offshore Taxation, Islamabad, in collaboration with DG International Taxes, initiated an investigation into the money/revenue received by Pakistanis for providing various freelance consulting services and selling goods to various individual customers using the Payoneer Inc. platform.

Payoneer, being a company based in the United States, has no physical presence in Pakistan.

A statement, issued by the Islamabad Income Tax Commissionerate, said that payments by foreign customers were made to the Payoneer account of each of the Pakistanis in the U.S. and the person withdrew it from the Payoneer Inc. account, held by Mobilink Micro Finance Bank Limited (MMBL) through Jazz Wallet or its accounts in Pakistan, held at any local bank within Pakistan.

MMBL and 27 Other Banks:

Moreover, The investigation showed that involving the MMBL and 27 Pakistani banks, which used by Pakistani customers to withdraw revenue from a foreign source sent through Payoneer, it described a huge amount of Rs60,308,760,650, disbursed to 75,615 beneficiaries as their revenue from a foreign source in less than two and a half years.

Of this total, 45,012 beneficiaries are unregistered individuals, while of the remaining 30,602 beneficiaries, only 17,985 are declarant and the remaining 12,618 are non-registrants.

However, The exercise carried out by the International Tax Directorate of Islamabad resulted in the identification of a large number of 45,012 people who must be registered and pay taxes on the income obtained through Payoneer.

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