ISLAMABAD – Federal Board of Revenue to launch crackdown across Pakistan asdeadline expires for declaring undeclared offshore assets.
As per media report, The Federal Board of Revenue (FBR) has decided tolaunch operations against illegal, undeclared offshore assets of Pakistanisafter 30 September deadline ends.
“The FBR will launch proceedings against persons having offshore assetsbased on available data,” an official at Large Taxpayers Unit (LTU) said onthe condition of anonymity.
The official said that the people having offshore assets should declarethem along with a regular annual return for the year 2019, by the givendeadline.
“Any person, (who) concealed foreign assets in their returns, will bepunishable under the tax laws.”
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As per Finance Act 2018, Section 116A added to the Income Tax Ordinance,2001, every Pakistani with a foreign income above $10,000 or a foreignasset worth $100,000, is liable to furnish statement of foreign income andassets.
Previously, a lacuna in the Income Tax Ordinance allowed tax evaders totake advantage. However, an amendment introduced through Finance Act 2018has bound them to file returns and declare foreign assets.
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