ISLAMABAD: Federal Board of Revenue (FBR) has issued a notice to former President of Pakistan Asif Ali Zardari under Anti-Money Laundering (Amendment) Act, 2017 and advised him to provide the money trail of Rs 37 million, it is learnt here.
Official sources told Customs Today that the board in its notice advised the former president Asif Ali Zardari to provide the money trail of the Rs37 million and also provide the source of the amount.
According to sources, this amount was paid by the Asif Ali Zardari as a president of Pakistan to tax department under the head of duty and tax of vehicles which were imported from Libya and UAE in 2014.
The notice also stated that these vehicles were either gifted by foreign states, including UAE and Libya, to the former president or imported from Dubai in different names.
Sources also added that three pay orders were issued amounting Rs37.1 million to Collector Customs for clearance of these vehicles. While the tax authorities confirmed after evaluating of the income tax returns that the taxpayer had not declared the receipts of income/amount paid for the customs clearance and not even declared any receipts from such account.
It is important to mention here that under the section (7-A) of Act-1 of Anti-Money Laundering (Amendment) Act, 2017, whether a customer or beneficial owner is a politically exposed person and if so, apply the additional measures for a foreign politically exposed person, and take reasonable measures to establish the source of wealth and funds.