The Federal Board of Revenue (FBR) has collected data of around 100,000 individuals flaunting their wealth on social media, with the revenue watchdog poised to take action against them, reports have said citing sources.
According to reports, FBR will audit 100,000 wealthy people in the initial phase. People showcasing their luxury lifestyle online, including mansions, expensive cars, jewellery, and other assets, have to disclose the source of income.
Individuals wearing suits worth as much as $20,000, a sign of the extreme luxury at weddings, will also come under the tax net.
Moreover, the tax authority will compare income tax returns submitted last year with those filed this year.
FBR has made it clear that individuals who provide accurate and updated information in their income tax returns will not be penalised. However, those who fail to disclose their lavish spending or luxury assets risk facing strict legal consequences, according to reports.
Officials urged citizens to update their tax returns promptly to avoid complications. “Nothing will be said to those who submit correct and updated income details,” reports quoted FBR as saying.