FBR Officials Investigate


Karachi: Officials said on Wednesday that the Federal Revenue Commission (FBR) has directed individuals investing in Dubai real estate to provide detailed information on their investment sources.
FBR officials said on Wednesday: "About 400 notices have been sent to individuals to provide investment sources for Dubai real estate business.
The board of directors has begun to question the sources of investment for Pakistanis who have been identified as having real estate in Dubai.
The official said that the five regional tax bureaus (RTOs) and two large taxpayer units (LTUs) in Sindh jointly provided more than 100 notifications to individuals who bought property in Dubai.
According to the latest information disclosed by Geo TV, about 5,000 to 7,000 people were confirmed to invest about Rs.1,100 crore in real estate business in Dubai.
The list includes the names of politicians, including members of parliament, retired generals, former judges, real estate tycoons, businessmen, bureaucrats, lawyers, actors, singers, and media professionals.
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FBR officials said these notices have been sent to different categories to tap investment sources. These notifications have been sent to all taxpayers' filing and non-filing.
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In the category of non-notified individuals, individuals who have not declared any one or more years in the past five years are required to comply with the law. "Otherwise, non-filed people can submit reports and financial statements for the past 10 years," the official added.The official said that the FBR will initiate an audit of individuals who have declared investments. "If there is a personal application, FBR will get a statement based on the oath," the official added.
In the past, FBR and other investigative agencies contacted Dubai authorities to provide details of Pakistani investment in real estate, but the Dubai authorities kept rejecting this information. However, Dubai authorities agreed to share specific information with personal details.
The official said that the FBR will now be able to avoid double taxation and obtain specific information from Dubai authorities.
According to the FBR's website, Pakistan has so far signed bilateral tax treaties with at least 64 countries. In addition, the country has signed a series of multilateral agreements to increase the efficiency of the tax system.
The government has stepped up its efforts to establish a national plan of action to ensure the transparency of taxation and economic affairs and become a member of the Global Reform Forum. The Open Government Partnership Program (OGP) is a group of 64 countries that implements open government reforms around the world.
Pakistan has reached the threshold of OGP membership and reached 15 out of 16 criteria. In 2016, the country signed the convention and became a signatory of the OECD Multilateral Convention on Mutual Administrative Assistance in Taxation. The convention, signed by more than 80 countries, will promote cooperation in national tax laws and provide administrative cooperation among member states to combat tax evasion.

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