ISLAMABAD: Newly appointed Federal Board of Revenue (FBR) chairman ShabbarZaidi on Friday devised a mechanism to freeze bank accounts in case of adispute, directing authorities against freezing accounts without his priorapproval and notice to the account holder.

In what was his first order in the capacity of the FBR chairman, Zaididirected all chief commissioners inland revenue to inform the accountholders 24 hours prior to freezing their accounts if they must do so.

“No bank account attachment unless the taxpayer’s chief executive officeror principal officer or owner is informed at least 24 hours prior toattachment and the chairman FBR’s approval is obtained,” read the board’snotification.

Talking to reporters today, Zaidi explained that there is already aprovision for freezing of a bank account as the last recourse in case of adispute between the account holder and institutions.

“My intention and aim is to document the undocumented economy,” he said,answering a question regarding tax reforms.

“The documentation of the undocumented economy will automatically increasethe tax base.”