FBR launches action in 1,199 cases of offshore assets

[ahlam1399]

ISLAMABAD: The Federal Board of Revenue (FBR) launched actions against 1,199 cases for owning offshore assets/ properties in five jurisdictions, including UAE, UK, Panama, Paradise Leaks and Organisation of Economic Development (OECD), and generated total tax demands of Rs13.828 billion so far in the current financial year.“Out of total tax demands of Rs13.828 billion generated from offshore assets in 1199 cases from five jurisdictions, the FBR has so far collected total taxes of Rs6.554 billion during the current fiscal year,” FBR’s official record available with The News disclosed on Monday.The FBR has established offshore taxation Commissionerate for quick scrutiny of the cases of foreign assets of the Pakistanis and jurisdictions of all 1,199 cases were transferred to this newly established Commissionerate. Although Pakistan signed and operationalised its exchange of information with OECD mechanism. The FBR has so far taken actions in 127 cases as four cases were added into the list in first 15 days of last month (February 2019) but ironically no tax demand could be generated so far so zero amount recovered so far. In the wake of different legal lacunas, the FBR has proposed seeking powers of provisional assessment for owning offshore assets through amendment to finance bill, but, so far, the law could not pass from the National Assembly. The government hopes that the proposed bill would be passed during the ongoing week and after getting president assent the provisional assessment for owning offshore assets would be done at accelerated pace in the remaining period of the ongoing financial year.The details about owners of offshore assets and actions taken by FBR up to February 15, 2019 shows total 1199 cases and dispose of 402 cases.In first 15 days of Feb 2019 the FBR dispose of 36 cases. The FBR generated total tax demand of Rs13.828 billion and Rs6.363 billion demand was alone raised In Feb 2019. The FBR has recovered Rs6.354 billion from all jurisdictions in case of owners of offshore assets/properties.According to the details, there are total 556 cases for owning properties in the UAE out of which the FBR has disposed of 385 cases. The FBR has generated tax demands of Rs615 million out of which the collected tax stood at Rs278 million.There are total 187 cases owning properties in UK out of which 07 cases were disposed of till Feb 15, 2019. The FBR generated tax demands of Rs06 million and also collected the same amount of Rs06 million in the current fiscal year.There are 291 cases against those who owned offshore assets in Panama Leaks and the FBR disposed of 08 cases so far. The FBR has generated tax demands of Rs12.751 billion and so far recovered Rs6.270 billion from them.In 38 cases related to Paradise leaks, the FBR has disposed of 02 cases and generated tax demands of Rs462 million but recovered zero amount so far.There are total 127 cases related to the OECD countries as Pakistan’s ratified exchange of information that had also been operationalised from last year but no amount could be recovered so far.http://feeds.feedburner.com/~r/com/cwEr/~4/SxhaDO9qwIE

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