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June 5, 2020
Business Latest Pakistan

FBR directed to conclude cases of undeclared assets of Pakistanis abroad swiftly

ISLAMABAD: Prime Minister Imran Khan has directed the Federal Board of Revenue (FBR) to conclude the cases of benami/undeclared assets of the Pakistani citizens abroad on a fast track basis.

Presiding a meeting on tax reforms, the Prime Minister asked the top tax body to strengthen its offshore taxation commissionerates established in the six citifies of the country.

The PM also issued directives for framing rules under the relevant laws about these benami properties and recovery of the taxes from big defaulters.

Prime Minister Khan deplored that the past government did not take measures for tax reforms and broadening the tax base.

He said that due to corruption and discrepancies, the people had lost trust in the tax system because the revenues generated through the taxes were spent on the luxurious lifestyle of the rulers. He also mentioned harassment of the people, particularly the business community by the tax authorities in the past besides a complicated taxation process and corruption.

The meeting was attended by Finance Minister Asad Umar, State Minister for Revenue Hammad Azhar, FBR Chairman Jahanzeb Khan and senior officials.

The meeting was briefed about the discovery of undeclared assets of Pakistani citizens abroad and the steps being taken to recover taxes on these properties.

The FBR chairman informed the prime minister that the offshore taxation commissionerates had been established in Lahore, Karachi, Islamabad, Quetta, Peshawar and Multan for quick scrutiny of the cases of foreign assets of the Pakistani citizens.