KARACHI – The Federal Board of Revenue has initiated legal action againstbusinessman who failed to avail the opportunity of disclosing their UKproperties under the tax amnesty scheme.
The Federal Board of Revenue had sent notices to 500 people who ownedproperties in the UK, after the scheme ended on July 31st, reports *TheNews.*
As per a well-placed source, 80 percent responded to the notices by 31st Augustand most of those received either declared their assets or whitened themunder the amnesty scheme.
FBR was able to amass Rs122 billion in revenue since roughly 70,000declarations were made under the domestic and foreign tax amnesty scheme.
The tax regulator had found out a big amount of non-compliant individualsvia data obtained from UK’s non-ministerial Her Majesty’s Revenue andCustoms (HMRC).
However, tax officials validated the latest action but were unresponsiveover queries about the identities of non-compliant UK’s assets owners.
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According to sources, largely these people were associated with thebusiness community and were in the business of exporting goods.
FBR commenced legal action against non-compliant individuals by initiallyusing provisions linked to the filing of income tax returns and declarationof assets under the Income Tax Ordinance (ITO) 2001.
In case, the individuals remained non-compliant, the FBR might resort toissuing assessment orders by creating tax demands, said sources.
