People Advised To Declare Undisclosed Assets, Expenditures By June 30

The Federal Board of Revenue (FBR) Friday again advised people to avail the Assets Declaration Scheme before its closing date on June 30, 2019, saying that the board had already obtained reliable data relating to undeclared and undisclosed assets and expenditure

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Jun, 2019 ):The Federal Board of Revenue (FBR) Friday again advised people to avail the Assets Declaration Scheme before its closing date on June 30, 2019, saying that the board had already obtained reliable data relating to undeclared and undisclosed assets and expenditure.

According to FBR press statement, data of industrial and commercial gas and electricity consumers from various DISCOs and gas distribution companies had been procured to identify the persons who were chargeable to tax but had not been paying their due taxes.

The statement said that there was a complete cooperation between the banks and the FBR on the availability of data relating to withholding taxes and other relevant information especially related to non-filers.

The board in collaboration with NADRA was providing access to the concerned persons (confidentially) for the transactions undertaken in the past in order to let the people know the transactions undertaken by them.

This data would be available through secure channels from NADRA on demand subject to certain fee.

According to the statement it had been planned that bearer certificates such as bearer prize bonds would be converted into registered prize bonds over a period of time as specified by the State Bank of Pakistan in coming months.

The FBR was also in contact with the land record authorities and relevant District Collectors with regard to shops and establishments for identifying the business establishments within their respective areas.

The administrative setup was also being placed for operation of the Benami Law and it was expected to be fully operational from July 1, 2019.

In the light of the aforesaid points, the statement added, it was advised that the concessions and benefits laid down in the Scheme be availed.

Furthermore in the Finance Bill 2019 it had been further reassured that no proceedings would be initiated against persons who declare their assets under the Assets Declaration Scheme and complete confidentiality shall be maintained with respect to assets declared in this Scheme.