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FBR to take action against companies that not declared int’l assets

FBR to take action against companies that not declared int’l assets

ISLAMABAD: Federal Board of Revenue (FBR) has decided to take stern action those Pakistan-based multinational companies and enterprises groups which have not declared international assets under “Documentation and Country by Country Reporting Requirement”, it is learnt here.

Official sources told Customs Today that after becoming member of OECD, the FBR has directed all the Pakistan-based multinational companies and enterprises groups having Rs100 million turnovers to maintain a record and master file of its international revenue and assets.

Meanwhile, FBR also directed Pakistan-based multinational companies and enterprises to submit country by country report of Tax Year 2017 till February 2018.

Sources said that most of Pakistan-based multinational companies and enterprises failed to submit their reports till due date and now the board has decided to take action against such violators. The board has already sent notices to the concern multinational companies and enterprises as well. The board has also planned to impose fine of Rs 2000 per day on the violators, sources added.

It is important to mention here that Pakistan has a signatory of the Organization for Economic Cooperation and Development’s (OECD) Multilateral Convention on Mutual Administrative Assistance in Tax Matters aimed at curbing growing tax evasion and where Pakistan is commitment to adopt international best practices in the field of tax matters.