ISLAMABAD - Federal Board of Revenue to launch crackdown across Pakistan as deadline expires for declaring undeclared offshore assets.
As per media report, The Federal Board of Revenue (FBR) has decided to launch operations against illegal, undeclared offshore assets of Pakistanis after 30 September deadline ends.
“The FBR will launch proceedings against persons having offshore assets based on available data,” an official at Large Taxpayers Unit (LTU) said on the condition of anonymity.
The official said that the people having offshore assets should declare them along with a regular annual return for the year 2019, by the given deadline.
“Any person, (who) concealed foreign assets in their returns, will be punishable under the tax laws.”
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 foreign asset worth $100,000, is liable to furnish statement of foreign income and assets.
Previously, a lacuna in the Income Tax Ordinance allowed tax evaders to take advantage. However, an amendment introduced through Finance Act 2018 has bound them to file returns and declare foreign assets.