Only 12 Pakistanis Have Declared Assets of Over Rs. 10 Billion: FBR Chairman

In a startling revelation before the National Assembly’s Standing Committee on Finance, Chairman of the Federal Board of Revenue (FBR), Rashid Langrial, disclosed that out of Pakistan’s 250 million citizens, only 12 individuals have declared assets exceeding Rs. 10 billion in their tax returns. “Just take a walk around F-6 in Islamabad, and you will see where the real wealth lies,” the FBR chairman remarked, hinting at widespread underreporting of wealth among Pakistan’s elite. Langrial further informed the committee that several sugar mills are evading taxes by packing sugar in unstamped bags, instead of using the FBR-mandated stamped packaging. “We even have video evidence of this malpractice,” he claimed. In response, Member of the National Assembly (MNA) Omar Ayub demanded sharing names of the sugar mills involved in this fraud. The SAPM on Finance and Revenue informed the committee that any individual purchasing property worth Rs. 13 million must show at least Rs. 10 million in declared income in their tax filings. This move aims to align property transactions with documented income, reducing the space for tax evasion in real estate. Chairman Langrial also clarified that under IMF directives, no tax exemptions will be granted to new Special Economic Zones (SEZs). “Existing SEZs have been granted exemptions only until 2035, after which all will be treated equally,” he explained. He warned that any attempt to reopen this discussion could prompt the IMF to roll back the exemption period to 2027, which was the original deadline. MNA Omar Ayub also raised concerns about the rising tensions between Iran and Israel, which could lead to a significant increase in global oil prices. “Iran is the world’s sixth-largest oil producer. If the Strait of Hormuz is closed, the whole world, including Pakistan, will feel the impact,” he warned. In response, Finance Minister Muhammad Aurangzeb assured the committee: “The Prime Minister has formed a high-level committee. If global oil prices rise, Pakistani consumers will inevitably be affected.”