Panama Papers: Federal Board of Revenue (FBR) moves against ‘owners’ of offshore companies

ISLAMABAD: 

Tax authorities have started sending letters to over 600 Pakistanis, who, according to the Panama Papers, own offshore companies, though chances of recovering due taxes from them are slim owing to legal lacunae.

“This week, the Federal Board of Revenue (FBR) has begun the process of sending letters to hundreds of Pakistanis who have been named in the Panama Papers,” said FBR spokesperson Dr Mohammad Iqbal on Saturday.

“These people have been requested to confirm whether they own these offshore companies or not,” he added. The letters have been sent under Section 176 of the Income Tax Ordinance, which empowers tax officials to seek information about any transaction. However, the penalty for not giving information under Section 176 is mere Rs25,000.

The decision to send notices to about 600 Pakistanis coincided with Pakistan Tahreek-e-Insaf’s ‘Pakistan March’ against the government over alleged corruption and delay in taking action against those who have been named in the Panama Papers.

Read on.

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