Malik announces top 5,000 high-net-worth non-filers to face scrutiny as Pakistan seeks to bridge tax gap and curb illicit cigarette trade As the government awaits the IMF’s position on a possible mini-budget, Minister of State for Finance Ali Pervaiz Malik said that tax notices would soon be issued to the wealthiest 5,000 non-filers, with an expected revenue gain of Rs7 billion. According to media reports, this move follows a desk audit of transaction data for 200,000 non-filers, focusing on individuals with substantial assets, including multiple luxury cars, high credit card expenses, and bank profits exceeding Rs100 million. Malik revealed that the estimated combined net worth of these 5,000 individuals is between Rs26 billion and Rs27 billion, with a potential tax contribution of Rs1.
4 million per person. Despite years of efforts to expand the tax net, significant progress has been elusive, placing a growing burden on salaried citizens and the industrial sector, Malik noted. Malik also highlighted the IMF’s pending response on whether a mini-budget is necessary, following Pakistan’s Rs190 billion tax shortfall in the fiscal year’s first four months.
As part of a $7 billion IMF program, Pakistan pledged to enact additional taxes if monthly shortfalls exceed 1% of targets, a threshold already surpassed. The FBR is actively working to explain this shortfall, attributing it to economic assumptions that missed the mark. The minister further addressed the longstanding ta.
