KARACHI: The Federal Board of Revenue (FBR) has revealed that more than 14,000 jewellers out of 35,000 registered have not filed income tax returns, while over 6,000 declared zero income and 15,000 misreported earnings, according to FBR Chairman Rashid Mahmood Langrial.
The disclosure came during a meeting with a 15-member delegation from the All Pakistan Gems and Jewellers Association (APGJSA) led by its President Qasim Shikarpuri. The FBR chairman announced a temporary halt to enforcement actions against non-compliant jewellers until Sept 30, the final date for tax filing.
Langrial emphasised that action will be taken against bullion dealers who fail to file returns or submit inaccurate information. A four-member committee has been formed to address the sector’s concerns.
The APGJSA president explained that jewellers have been divided into four categories (A, B, C, and D). Category A shops will display green plates, Category B yellow plates, while decisions regarding Categories C and D will be taken later. He urged members to file correct tax returns.
FBR identifies over 14,000 jewellers not filing returns; crackdown deferred until Sept 30
This follows intensified scrutiny by law enforcement agencies over the past two years concerning gold price speculation, rising rates, and suspected smuggling. In July, senior officials from multiple agencies met bullion traders in Islamabad to address concerns over opaque pricing and suspected market manipulation.
Prior to this, the Federal Investigation Agency (FIA) arrested five employees of a Karachi-based gold trader, seizing Rs12 million and 11 gold biscuits weighing 10 tolas each. The business owners reportedly fled.
Similar investigations two years ago led to the arrest of five jewellers on allegations of malpractice, hoarding, and undocumented trading. They were later released after trade bodies pledged to improve transparency and record-keeping.
The jewellery sector remains under close observation as the FBR seeks to improve tax compliance and curb illicit trade in precious metals.
Published in Brackly News, September 28th, 2025
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