Prominent Karachi Businessmen are Pursued by FBR in an Effort to Retrieve Amount

 

Prominent Karachi Businessmen are Pursued by FBR in an Effort to Retrieve the Amount

As a result of their failure to pay capital value tax (CVT) on overseas assets, Karachi's top bankers and businessmen have had their bank accounts frozen by the Federal Board of Revenue (FBR).

According to sources who spoke to ProPakistani, the attachment of 200–250 bank accounts belonging to Karachi's wealthiest citizens is anticipated to happen in due course in order to recover the Rs. 3 billion Stolen. 

Taxpayers and residents who missed the deadline of December 15, 2022, to deposit CVT on their overseas assets are responsible for paying a default premium of 12 percent annually.

The tax administration has contacted this many banks to try and reclaim the defaulted sum from the country's elite for the first time in history.

The value of a resident person's overseas assets is subject to the one percent CVT if the total value of those assets on the last day of the tax year exceeds Rs. 100 million.

On December 15, 2022, electronic declarations and payments of the CVT on foreign assets were no longer accepted.

The 15 richest people in Karachi today had their bank accounts frozen by the FBR due to unpaid taxes. Banks in Karachi had a panic-like situation on Friday as sizable sums were recovered from extremely wealthy people in a single day.

40 bank accounts have already had their funds frozen, and tax evaders have paid back Rs. 1.3 billion so far. In the next days, the bank accounts will continue to be attached as part of the recovery procedure.