*ISLAMABAD: New Tax Collection Institutions have been setup by PTIgovernment for offshore properties of the Pakistani nationals abroad. *

The federal government has set up three new tax collection institutions –including the Directorate General of International Tax Operations to imposeand collect taxes on undeclared offshore assets and income and bringillegal assets worth billions of rupees stashed abroad into the tax net.

According to sources, the other two institutions – the Directorate Generalof Input, Output Coefficient Organisation (IOCO) and Directorate General ofBroadening of Tax Base (BTB) were set up earlier.

Federal Board of Revenue’s (FBR) Shah Bano GM Khan is serving as thedirector general of the IOCO and another officer, Mir Badshah Khan Wazir,as the director general of BTB.

According to FBR officials, the step has been taken in view ofadministrative streamlining and though the two institutions were set upearlier, they did not have a budget or staff positions.

The FBR was operating the institutions using its existing executives andofficers and many of the staff members were working without gazettenotifications.

Without formal notification, neither any vacancies, nor any budget could beallocated.