Islamabad: Soon after the expiry of Tax Amnesty Scheme 2018, the Federal Board of Revenue (FBR) has started to take action against owners of undeclared offshore assets, reported a news source. In this regard, the board has sent notices to 550 people having properties in Dubai and the UK.
Under the agreement signed with Organisation for Economic Cooperation and Development (OECD), FBR has been able to identify 700 Pakistanis who haven’t declared their assets under the amnesty scheme, while they continue to make money from these assets.
Among the 550 people who have been issued notices, 350 have properties in Dubai and while remaining own immoveable assets in the UK. In these notices, the FBR has demand the owners to provide their source of income for buying these assets overseas.
In the meanwhile, it was decided in a meeting presided by National Accountability Bureau (NAB) Chairman Justice Javed Iqbal to make details of the Dubai property owners public. Sources from NAB have also confirmed that the foreign office will be consulted to get further details on Pakistanis who own properties in Dubai.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
