Islamabad: The tax authorities have issued notices to at least 6,451 high-net worth individuals, according to Federal Board of Revenue (FBR) Chairman Jehanzeb Khan.
He was briefing Finance Minister Asad Umar during the inaugural meeting of FBR’s Policy Board. He informed that the federal agency had so far recovered PKR 245 million form high-net worth individuals.
In a similar effort, FBR identified 4,961 undeclared offshore properties and discovered 152,201 Pakistanis who have stashed their assets abroad (reportedly for tax evasion purposes).
Moreover, the FBR made several changes to its policy framework; such as separating tax policy from administrative control, preparing a draft pertaining to the agency’s transformation plan, ratifying a Swiss treaty on double taxation, electronically linking retailers with the agency, and establishing an integrity management unit.
In response, Finance Minister Asad Umar directed to seek assistance from the Senate Standing Committee on Law with regard to reviewing FBR laws – in a bid to ascertain the revenue body’s authority.