Islamabad: The Federal Board of Revenue (FBR) has requested the authorities concerned to allow it to publish the names of the individuals (through print and electronic media outlets) who have evaded offshore taxes equal to or in excess of PKR 2.5 million, a news source reported.
The federal institution has sought this provision under the aegis of the Finance Bill 2019. It has also proposed amendments in Section 216 (pertaining to the disclosure of information by a public servant) of the Income Tax Ordinance 2001.
According to Finance Bill 2019, an ‘offshore asset’ is defined as any movable or immovable property held by a person outside of Pakistan. All kinds of incomes or expenses incurred on said asset have to take place outside the country for the property to be legally classified as such.
Moreover, the bill defines an offshore evader as any person who ‘enables, assists, or advises any person to plan, design, arrange or manage a transaction or declaration relating to an offshore asset, which has resulted or may result in tax evasion’.
