Illegal assets abroad: FBR sends notices to 500 Pakistanis

Illegal assets abroad: FBR sends notices to 500 Pakistanis
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KARACHI - Federal Board of Revenue has initiated legal action against businessman who failed to avail the opportunity of disclosing their UK properties under the tax amnesty scheme, sources told on Wednesday.

The Federal Board of Revenue’s exchange of information cell had sent notices to 500 people who owned properties in the UK, after the scheme ended on July 31st.

As per a well-placed source, 80 percent responded to the notices by 31st August and most of those received either declared their assets or whitened them under the amnesty scheme.

FBR was able to amass Rs122 billion in revenue since roughly 70,000 declarations were made under the domestic and foreign tax amnesty scheme.

Economy