According to the sources, FBR has approached UK tax authorities and the Organization for Economic Cooperation and Development (OECD) to help the authority to get information about fixed assets and properties in the UK that are owned by Pakistani nationals.
Currently, FBR is giving more time to the people who own such properties and FBR meanwhile is analyzing the information it gathered from various sources, The taxation authority said on Monday, Pakistanis still have a chance to declare their assets abroad under tax amnesty scheme offered by the government.
The government of Pakistan had initiated two major tax amnesty schemes in April that are still valid, there is one named Foreign Assets Declaration and Repatriation Ordinance, 2018 which is for undeclared foreign assets, under this scheme Pakistanis who own foreign assets can save tax. The other one is for local assets and income named Voluntary Declaration of Domestic Assets Ordinance, 2018.
However, the schemes were amended on June 30 by the government, the initial last date for declaring assets was June 30, which then extended to July 31.
OECD nations cooperate with each other in administrative affairs and tax matters; currently, there are 104 countries on board who have signed the agreement of exchanging information and mutual assistance. According to the agreement, Pakistan will get the information from OECD signatories about offshore accounts run by Pakistanis.
As many as 56 countries are willing to conduct the exchange of information with Pakistan officially. The process of information exchange will start initially with 35 countries, from September, and by September 2019 right after one year, 20 more countries will be added to the list for sharing and exchanging information.
However, some OECD countries have denied sharing information with Pakistan, As many as 48 countries have not shown their interest to share information with other countries as well.
Ms Yasmin, FBR chairperson said the amnesty scheme as a whole was quite disappointing, people from Karachi and Sindh have availed the scheme but the response from Punjab was not good enough.
Addressing FBR employees she said, FBR officials are not working well to promote the scheme so far, “We are getting hard on people hiding assets now”, she added. The FBR warns people for not declaring assets locally or abroad, the amnesty scheme is the best possible solution the government can provide to people after that FBR will bring everyone under tax umbrella and undeclared assets would have dire consequences, she added.