*ISLAMABAD: The Federal Board of Revenue (FBR) has declared on Monday thatthey have acquired the detailed information of the properties in possessionof Pakistan’s nationals in the United Kingdom (UK), with the association ofOrganisation of Economic Cooperation and Development (OECD) and UK TaxAuthorities.*
According to sources, it is stated that the information obtained, will bescrutinized in depth by the board officials, as FBR has expected aboutRs200 to Rs300 billion to be collected on behalf of tax amnesty scheme.
The FBR officials stated that, “Yes, we have gained the details ofproperties of thousands of Pakistanis who possess immovable properties inUnited Kingdom (UK), furthermore if the owners failed to benefit fromamnesty scheme then FBR will take extreme measures against them as per lawafter termination of amnesty scheme.”
According to data, the amnesty scheme has collected only Rs 62 billion ondomestic assets and Rs36 billion on foreign assets.
However, FBR is executing their final attempt to entice the foreigners toproclaim their immovable assets, else FBR will take action against themafter the cut-off date of amnesty scheme that is 31st July 2018.
However, the sources said that if confidentiality clauses were breachedthen the FBR would not be able to get any information in future so the taxauthorities placed all security and foolproof arrangements to protect allsuch information from any leaks.
The software, FBR is using to obtain the monetary facts & figures of assetsand bank account details of first 1000 batch of Pakistanis via automaticexchange portal from Organization of Economic Cooperation and Development(OECD) is expected to be operative by 1st October 2018.
This software is used by the permission of UK based Department forInternational Development (DFID) for obtaining details via automaticexchange portal from OECD medium.
The caretaker government declared that people so far have provided detailsrelated to tax amnesty scheme, and 55,225 declarations are filed includingRs577 billion worth of foreign assets and Rs1192 billion worth is ofdomestic.
The payments made by people are almost of Rs97 billion, consisting Rs36billion on behalf of foreign assets and 61 billion under domestic assets.However, $40 million has been sent back.
Initially the ending date for filing assertions under the amnesty schemewas 30 th June 2018, but then it was extended to 31st July 2018.