Islamabad: The Federal Board of Revenue (FBR) will be able to access offshore account details of Pakistani residents from September 1, according to a news report. This is due to Pakistan being a signatory of the Organisation for Economic Cooperation and Development (OECD).
The FBR is also taking relevant steps to start this process and bring offshore account details into consideration. This includes amendments in the Protection of Economic Reform Act, 1992 to bring it in line with the Income Tax Ordinance, 2001. Under these changes, the FBR can question the sources of foreign remittances if they exceed the sum of PKR 10 million. The limitation of five years for such probes has also been abolished.
