Assets in UK: FBR starts action against 75 Pakistanis

Senior officer says will take action against 300 people with assets in UAE in second phase

ISLAMABAD: The Federal Board of Revenue (FBR) has decided in principle to issue assessment orders against Pakistanis who have assets abroad and who have not responded to its notices.

A senior FBR officer told Express that in the first phase, assessment orders will be issued to Pakistanis in UK and in the second phase assessment orders will be issued to more than 300 Pakistanis with properties in UAE.

He said now the system for exchange of information with the Organisation for Economic Cooperation and Development (OECD) member countries have become operational and the FBR has started receiving data formally. “As soon as bureau will receive information about any Pakistani, it will transfer this data to relevant field offices. The field office will start legal action,” he added.

Sources said 75 Pakistanis having assets in UK were issued notices. More notices will be issued according to the law to give them opportunities. The deadline for responding to these notices is October 15.

The FBR has decided that it will start action against those who did not respond to notices as soon as all the legal requirements are fulfilled. They will be issued assessment orders and if they even do not respond to these, further legal action will be taken.

Their bank accounts and assets in Pakistan will be frozen and the amount mentioned in the assessment order will be recovered and submitted to the national exchequer. If the dues are not still cleared, their assets will be auctioned to recover the amount.

Sources said 75 persons including industrialists and businessmen have been issued final notices. Action against big tax evaders in the country have also started. Notices to 169 such people have been issued.

In addition to that large industrial and business organisations are also being monitored. Initial preparations have been made to acquire details of accountholders from all private financial organisations through the State Bank.

Published in The Express Tribune, October 7^th, 2018.