{"id":47553,"date":"2019-01-17T12:46:06","date_gmt":"2019-01-17T12:46:06","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=47553"},"modified":"2020-01-27T07:46:57","modified_gmt":"2020-01-27T07:46:57","slug":"fbr-gets-details-of-50000-foreign-bank-accounts","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-gets-details-of-50000-foreign-bank-accounts.html","title":{"rendered":"FBR gets details of 50,000 foreign bank accounts"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has received details of 50,000 foreign bank accounts, a news report stated. The institution received this data under an information-sharing mechanism of the Organisation for Economic Cooperation and Development (OECD). This framework makes it nearly impossible for anyone to hide their foreign accounts from government scrutiny.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-to-lasso-millionaires-into-tax-net-survey-starts.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR&#8217;s survey to lasso millionaires into tax net starts<\/a><\/p>\n<p>Details reveal that Pakistanis own accounts in major cities. Under the OECD mechanism, the respective countries have so far only provided data on closing balances. The FBR is now requesting details of the entire year\u2019s transactions.<\/p>\n<p>An official stated that FBR had not retrieved any in-depth information on people owning properties in Dubai. It is, however, necessary to have the said data for taking appropriate action against them.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-to-recover-pkr-2-bn-from-sugar-mills.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR to recover PKR 2 billion from sugar mills<\/a><\/p>\n<p>Previously, the FBR reported to the Supreme Court (SC) that it recovered PKR 167 million from Pakistanis owning foreign bank accounts. The retrieval of over PKR 450 million in taxes from a Punjab sugar mill was also detailed. Further recovery is on the cards.<\/p>\n<p>FBR officials mentioned taking action against a number of firms in accordance with Section 40-B of the Sales Tax Act for tax recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has received details of 50,000 foreign bank accounts, a news report stated. The institution received this data under an information-sharing mechanism of the Organisation for Economic Cooperation and Development (OECD). This framework makes it nearly impossible for anyone to hide their foreign accounts from government scrutiny. Read:\u00a0FBR&#8217;s survey to lasso millionaires into tax net starts Details reveal that Pakistanis own accounts in major cities. Under the OECD mechanism, the respective countries have so far only provided data on closing balances. The FBR is now requesting details of the entire year\u2019s transactions. An official stated that FBR had not retrieved any in-depth information on people owning properties in Dubai. It is, however, necessary to have the said data for taking appropriate action against them. Read:\u00a0FBR to recover PKR 2 billion from sugar mills Previously, the FBR reported to the Supreme Court (SC) that it recovered PKR 167 million from Pakistanis owning foreign bank accounts. The retrieval of over PKR 450 million in taxes from a Punjab sugar mill was also detailed. Further recovery is on the cards. FBR officials mentioned taking action against a number of firms in accordance with Section 40-B of the&hellip;<\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[9955],"persona":[],"class_list":{"0":"post-47553","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-legal-taxation","7":"tag-details-on-fbr-gets-details-of-50000-foreign-bank-accounts","8":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR gets details of 50,000 foreign bank accounts - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has received details of 50,000 foreign bank accounts, a news report stated. 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