{"id":60731,"date":"2020-01-30T10:53:40","date_gmt":"2020-01-30T10:53:40","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=60731"},"modified":"2020-01-30T10:53:41","modified_gmt":"2020-01-30T10:53:41","slug":"fbr-proposes-amendments-tax-rules-access-defaulters-lockers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-proposes-amendments-tax-rules-access-defaulters-lockers.html","title":{"rendered":"FBR proposes amendments in tax rules to access defaulters\u2019 lockers"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has proposed several amendments to the Income Tax Rules 2002 in order to access the bank lockers of tax defaulters, a news source reported. To this effect, the taxation agency has sought suggestions within a time frame of seven days.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/banks-share-transaction-details-with-fbr.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Banks to share transaction details with FBR (opens in a new tab)\">Banks to share transaction details with FBR<\/a><\/p>\n\n\n\n<p>According to details, if FBR does not receive any objections\nor it turns down any reservations submitted by stakeholders, then the new rules\nwill come into effect within two weeks. The FBR will also upload a draft of the\nnew rules to its official website.<\/p>\n\n\n\n<p>In the proposed draft rules, the board has presented a wide-scope definition, according to which it could <a href=\"https:\/\/www.zameen.com\/news\/fbr-intensify-operation-against-tax-evaders.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"recover taxes (opens in a new tab)\">recover taxes<\/a> from: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An employer owing or who may owe salary to its\nemployee<\/li><li>A debtor owing or who may owe money to the\ntaxpayer<\/li><li>A tenant owing or who may owe money to its\nlandlord<\/li><\/ul>\n\n\n\n<p>Meanwhile, \u2018holding or who may hold\u2019 includes bank accounts, Term Deposit Receipts (TDRs), fixed deposits, money held in lockers, or Call Deposit Receipts (CDRs). Another proposed rule states that FBR\u2019s scope be extended to money or an asset placed in bank lockers, and the board be allowed to access the lockers. <\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/fbr-identifies-money-laundering-remote-areas.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR identifies cases of money laundering in remote areas (opens in a new tab)\">FBR identifies cases of money laundering in remote areas<\/a><\/p>\n\n\n\n<p>FBR spokesperson Dr Hamid Atiq Sarwar said the board had\ndrafted the new rules following the directives of the Lahore High Court (LHC). Following\nthe approval of the new rules, FBR will place the draft on the website to\ninvite comments from stakeholders, he added.<\/p>\n\n\n\n<p>The official stated that the aim of the new rules was not aimed at giving more discretionary powers to the taxation agency, but to streamline its discretion in the recovery cases. He added that FBR\u2019s recovery powers would remain limited to legal mandate defined in Section 140 of the Income Tax Ordinance 2001.<\/p>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/businesses-should-call-reforms.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Businesses should initiate calls for documentation: FBR Chief (opens in a new tab)\">Businesses should initiate calls for documentation: FBR Chief<\/a><\/p>\n\n\n\n<p>Meanwhile, the Ministry of Law &amp; Justice would also vet\nthe proposed draft, he said. <\/p>\n\n\n\n<p>Currently Section 140 of the ordinance does not give FBR the\nauthority to recover money from the bank lockers of the citizens. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has proposed several amendments to the Income Tax Rules 2002 in order to access the bank lockers of tax defaulters, a news source reported. To this effect, the taxation agency has sought suggestions within a time frame of seven days. Read: Banks to share transaction details with FBR According to details, if FBR does not receive any objections or it turns down any reservations submitted by stakeholders, then the new rules will come into effect within two weeks. The FBR will also upload a draft of the new rules to its official website. In the proposed draft rules, the board has presented a wide-scope definition, according to which it could recover taxes from: An employer owing or who may owe salary to its employee A debtor owing or who may owe money to the taxpayer A tenant owing or who may owe money to its landlord Meanwhile, \u2018holding or who may hold\u2019 includes bank accounts, Term Deposit Receipts (TDRs), fixed deposits, money held in lockers, or Call Deposit Receipts (CDRs). Another proposed rule states that FBR\u2019s scope be extended to money or an asset placed in bank lockers, and the board be allowed&hellip;<\/p>\n","protected":false},"author":68,"featured_media":59990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[17067],"persona":[],"class_list":{"0":"post-60731","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-fbr-proposes-amendments-in-tax-rules-to-access-defaulters-lockers","9":"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 amendments in tax rules to access defaulters\u2019 lockers - Zameen News<\/title>\n<meta name=\"description\" content=\"The Federal Board of Revenue (FBR) has proposed several amendments to the Income Tax Rules 2002 in order to access the bank lockers of tax defaulters.\" \/>\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-amendments-tax-rules-access-defaulters-lockers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR proposes amendments in tax rules to access defaulters\u2019 lockers - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Federal Board of Revenue (FBR) has proposed several amendments to the Income Tax Rules 2002 in order to access the bank lockers of tax defaulters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-proposes-amendments-tax-rules-access-defaulters-lockers.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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