Islamabad: The Federal Board of Revenue (FBR) has received details of 50,000 foreign bank accounts, a news report stated. The institution received this data under an information-sharing mechanism of the Organisation for Economic Cooperation and Development (OECD). This framework makes it nearly impossible for anyone to hide their foreign accounts from government scrutiny.
Details reveal that Pakistanis own accounts in major cities. Under the OECD mechanism, the respective countries have so far only provided data on closing balances. The FBR is now requesting details of the entire year’s transactions.
An official stated that FBR had not retrieved any in-depth information on people owning properties in Dubai. It is, however, necessary to have the said data for taking appropriate action against them.
Previously, the FBR reported to the Supreme Court (SC) that it recovered PKR 167 million from Pakistanis owning foreign bank accounts. The retrieval of over PKR 450 million in taxes from a Punjab sugar mill was also detailed. Further recovery is on the cards.
FBR officials mentioned taking action against a number of firms in accordance with Section 40-B of the Sales Tax Act for tax recovery.
