{"id":47963,"date":"2019-01-24T13:07:25","date_gmt":"2019-01-24T13:07:25","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=47963"},"modified":"2020-01-27T07:50:12","modified_gmt":"2020-01-27T07:50:12","slug":"fbr-proposes-provisional-assessment-to-recover-taxes","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-proposes-provisional-assessment-to-recover-taxes.html","title":{"rendered":"FBR proposes provisional assessment to recover taxes"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has proposed a number of provisional assessments to recover taxes from owners of offshore assets, a news source reported. The tax demands will be shared with member countries of the Organisation for Economic Cooperation and Development (OECD). These authorities can then work to recover taxes from individuals who have undeclared offshore assets.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-gets-details-of-50000-foreign-bank-accounts.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR gets details of 50,000 foreign bank accounts<\/a><\/p>\n<p>FBR made the proposal under the Supplementary Finance Bill 2019 presented in the parliament on Wednesday. Once approved, the authorities concerned will be able to carry out their assessments if a commissioner or agency of the federal\/provincial governments discovers an offshore asset.<\/p>\n<p>Previously, the FBR discovered around 100,000 bank accounts through OECD\u2019s facility of automatic information exchange. Actions are currently underway to determine if the identified taxpayers declared these assets or not.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/family-tree-data-to-be-given-to-fbr.html\" target=\"_blank\" rel=\"noopener noreferrer\">Family tree data to be given to FBR<\/a><\/p>\n<p>An official for the agency stated that the Supreme Court (SC) has also inquired about these proceedings.<\/p>\n<p>The official further informed that FBR will generate the tax demands once parliament agrees to the proposal. This sanction will allow the government body to take appropriate actions against individuals found in possession of undeclared assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has proposed a number of provisional assessments to recover taxes from owners of offshore assets, a news source reported. The tax demands will be shared with member countries of the Organisation for Economic Cooperation and Development (OECD). These authorities can then work to recover taxes from individuals who have undeclared offshore assets. Read:\u00a0FBR gets details of 50,000 foreign bank accounts FBR made the proposal under the Supplementary Finance Bill 2019 presented in the parliament on Wednesday. Once approved, the authorities concerned will be able to carry out their assessments if a commissioner or agency of the federal\/provincial governments discovers an offshore asset. Previously, the FBR discovered around 100,000 bank accounts through OECD\u2019s facility of automatic information exchange. Actions are currently underway to determine if the identified taxpayers declared these assets or not. Read:\u00a0Family tree data to be given to FBR An official for the agency stated that the Supreme Court (SC) has also inquired about these proceedings. The official further informed that FBR will generate the tax demands once parliament agrees to the proposal. This sanction will allow the government body to take appropriate actions against individuals found in possession of undeclared assets.<\/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":[10074],"persona":[],"class_list":{"0":"post-47963","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-legal-taxation","7":"tag-details-on-fbr-proposes-provisional-assessment-to-recover-taxes","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 proposes provisional assessment to recover taxes - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has proposed a number of provisional assessments to recover taxes from owners of offshore assets, a news\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-proposes-provisional-assessment-to-recover-taxes.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR proposes provisional assessment to recover taxes - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has proposed a number of provisional assessments to recover taxes from owners of offshore assets, a news\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-proposes-provisional-assessment-to-recover-taxes.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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