ISLAMABAD: Federal Board of Revenue (FBR) has forwarded requests to the relevant jurisdictions under OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters to purify the information and render it actionable.
Sources told Customs Today that according to FBR’s record, names of 444 Pakistanis have been identified in Panama Leaks. Federal Board of Revenue has clarified that they had not filed any petition in Supreme Court of Pakistan in Panama Leaks. Sources said that it is not correct that no action has been taken in the cases of Panama Leaks.
So far, demand of Rs10.9 billion has been created in 15 cases, out of which as sum of Rs6.2 billion has been recovered.
The actual position is that in 294 cases, notices under relevant section of Income Tax Ordinance, 2001 have been issued by field offices. However, notices in remaining 150 cases could not be issued as these cases were untraceable due to incomplete particulars. These files have been closed.
According to the details of the proceedings initiated in these 294 cases, in 242 cases proceedings not initiated as being hit by prescribed time limitation at the time of receipt of information. However, in view of subsequent legal changes enhancing the limitation period, the cases are being pursued for initiating proceedings.
In four cases proceedings has been dropped on the basis of being non-resident, while in 12 cases the persons have died and these cases also closed permanently and remaining cases are 36, and in 15 cases audit proceedings have been finalized. Sources told that in remaining cases of Panama Leaks, proceedings are still underway.