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FBR investigating suspected tax evasion cases under gift scheme

FBR investigating suspected tax evasion cases under gift scheme

ISLAMABAD: The Federal Board of Revenue (FBR) is investigating as many as 2785 cases of tax evasion under gift scheme, which is suspected to have been misused for the transfer of money and assets.

The issue is already on the table of the Senate Committee on Finance, Revenue and Economic Affairs since July 18, 2017 and would be discussed further by the body during its meeting scheduled on Wednesday, August 23, according to Senate Notification.  As per the current laws, gifts are exempted from taxes and that is why it has been suspected that people consider it safe means of transferring money and assets to evade taxes which they would have to pay on normal transfers.

The FBR’s Anti-Money Laundering (AML) cell of the Intelligence & Investigation-Inland Revenue has been investigating the alleged scam under which billions of rupees are suspected to have been transferred without paying taxes.

The board is scheduled to brief the Senate Committee on Finance on the latest updates and investigation details of its AML cell.

The FBR is also scheduled to brief the committee on the difficulties being faced by the importers on the import of solar power generator systems along with the details of exemption given to solar system.

The Senate body is also scheduled to take up the issue of alleged manipulation of share prices of Bank of Punjab (BoP) in its meeting.

The Securities and Exchange Commission of Pakistan (SECP)would brief the committee on the alleged underwriting of shares along with details of shares purchased and sold by the management and Directors of BoP from January 2015 to March 2017.

The committee would meet under the chairmanship of Senator, Saleem Mandviwalla.

FBR and Auditor General of Pakistan would brief the committee on the audit of withholding taxes collected by Telecom Sector.  The Finance Division would brief the committee on the re appropriation made during last financial year along with the relevant rules and authority under which re appropriations are made.