FBR faces backlash from sugar mills

The Federal Board of Revenue (FBR) has halted the sale of sugar across the country through its online portal, prompting strong objections from the Pakistan Sugar Mills Association (PSMA).

In a statement issued by PSMA on Saturday, the association expressed serious concerns over the FBR's move to restrict sugar sales by sugar mills via the portal. The PSMA pointed out that there were no such restrictions imposed on the sale or pricing of imported sugar, calling for a level playing field.

A spokesperson for the PSMA warned that such policies could lead to a severe market crisis. They cautioned that restricting domestic sugar sales may cause a shortage in the market, potentially resulting in a surge in prices, a situation for which the sugar industry should not be held responsible.

The PSMA has strongly urged the government to immediately allow all sugar mills to sell sugar freely to prevent market instability and ensure fair competition.

Meanwhile, the tax body has decided to act against wealthy individuals flaunting luxurious lifestyles on social media while remaining outside the tax net or underreporting their taxes.

According to FBR sources, the department's social media monitoring team has compiled data on over 100,000 affluent individuals displaying lavish lifestyles online. This includes showcasing luxury houses, expensive cars, and extravagant jewellery. The FBR is now assessing the income and expenditures of these individuals. Officials stated that those who spend excessively on lavish weddings will also be scrutinised.

As per sources, the FBR will compare last year's tax filings with this year's, and 80% of returns will be audited. Those publicly displaying wealth will be required to explain their sources of income through updated tax returns.

Authorities have warned that individuals who do not declare an increase in annual income will face action. However, those who update their tax information in time will not face immediate legal consequences.