*ISLAMABAD: New Tax Collection Institutions have been setup by PTI government 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 impose and collect taxes on undeclared offshore assets and income and bring illegal assets worth billions of rupees stashed abroad into the tax net.
According to sources, the other two institutions – the Directorate General of Input, Output Coefficient Organisation (IOCO) and Directorate General of Broadening of Tax Base (BTB) were set up earlier.
Federal Board of Revenue’s (FBR) Shah Bano GM Khan is serving as the director 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 of administrative streamlining and though the two institutions were set up earlier, they did not have a budget or staff positions.
The FBR was operating the institutions using its existing executives and officers and many of the staff members were working without gazette notifications.
Without formal notification, neither any vacancies, nor any budget could be allocated.