Islamabad: The Federal Board of Revenue (FBR) has proposed a number of provisional assessments to recover taxes from owners of offshore assets, a news source reported. The tax demands will be shared with member countries of the Organisation for Economic Cooperation and Development (OECD). These authorities can then work to recover taxes from individuals who have undeclared offshore assets.
FBR made the proposal under the Supplementary Finance Bill 2019 presented in the parliament on Wednesday. Once approved, the authorities concerned will be able to carry out their assessments if a commissioner or agency of the federal/provincial governments discovers an offshore asset.
Previously, the FBR discovered around 100,000 bank accounts through OECD’s facility of automatic information exchange. Actions are currently underway to determine if the identified taxpayers declared these assets or not.
An official for the agency stated that the Supreme Court (SC) has also inquired about these proceedings.
The official further informed that FBR will generate the tax demands once parliament agrees to the proposal. This sanction will allow the government body to take appropriate actions against individuals found in possession of undeclared assets.
