ISLAMABAD: The Federal Board of Revenue (FBR) is geared up to send tax notification to almost 700 people owning properties in UK, and failed to proclaimed their assets under tax amnesty scheme 2018 . Also these property rents plays vital role in their income.
According to sources, FBR has acknowledged the data from their associated entity in the United Kingdom (UK), consisting minutiae along with complete address and contact details of Pakistani nationals owning properties in UK and earning rental income.
These details are attained under an agreement signed with the Organization of Economic Cooperation and Development (OECD).
This online portal is very helpful for FBR, tax evaders can easily be detected and heavy fines can be imposed on them.
The Large Taxpayers Units (LTUs) and Regional Taxpayers Offices (RTOs) are issued the directions in order to send the tax notices to almost 600 to 700 people living in Islamabad, Karachi & Lahore and various cities of Pakistan, also measure are taken to determine whether those people were tax filers or not.
According to sources, it is declared that if they were found to be non-filers, then suitable measures will be taken against them as per law.
Furthermore, FBR has created a centralized system to trail progress on the tax notices sent, so that there shall be no point of aggravation.
The FBR officials stated that the details of many Pakistani nationals living in UK are there with FBR, but due to the agreement signed with OECD, exact number of figures cannot be disclosed yet. Else OECD has the right to withdraw from providing information if anything is disclosed prior to the official notice.
Also FBR has setup a software that will start operating from 1st September, 2018. the software is to acquire the cases of Pakistani’s through automatic exchange portal from the OECD to salvage financial details of assets and bank accounts.
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