Karachi: The Federal Board of Revenue (FBR) has proposed an amendment to the Income Tax Rules, 2002 to empower tax authorities to recover unpaid taxes from banks, employers, tenants and businessmen (on behalf of defaulters) – according to news sources.
With these new rules, the authorities are seeking to recover unpaid taxes from individuals who are holding money for tax defaulters. Under the drafted amendment, the aforementioned individuals in possession of illegal finances will be obligated to remit or pay the required amount through pay orders, online baking transfers or demand drafts to the national treasury.
As per the FBR’s statutory regulatory order (SRO 111(I)/2020), if the money is held in a joint account with any person other than the defaulter, the shares of such joint accounts will be presumed to be equal; unless proved contrary.
The draft of the newly proposed
rules also outlines regulations aimed at providing some relief to taxpayers.
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