{"id":77179,"date":"2021-06-20T09:05:00","date_gmt":"2021-06-20T04:05:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=77179"},"modified":"2021-06-18T18:12:38","modified_gmt":"2021-06-18T13:12:38","slug":"undisclosed-overseas-assets","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/undisclosed-overseas-assets.html","title":{"rendered":"Senate lifts time-limit on serving tax notices involving undisclosed overseas assets"},"content":{"rendered":"\n<p>Islamabad: The Senate Standing Committee on Finance on Thursday has approved the proposal to indefinitely extend the time limit for serving tax notifications in cases involving undisclosed assets overseas, and tax evasion through lucrative gifts, news sources reported. The amendments were proposed by the Federal Board of Revenue Operational Wing and will be included in the Finance Bill 2021-22 before it is approved by parliament.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html\">Govt proposes flat 5% CGT on immovable property<\/a><\/p>\n\n\n\n<p>Previously, the maximum limit for serving notices was five years, which is now being lifted. However, it is worth noting that tax notification can be averted provided that the commissioner is satisfied with the individual&#8217;s reason for not disclosing foreign assets.<\/p>\n\n\n\n<p>As for tax evasion through \u2018suspicious\u2019 gifts, the FBR has reported a transaction activity of PKR 170 billion in the names of gifting the relatives in the previous year.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-notices-served-realtors.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR notices served to realtors regarding legal compliance<\/a><\/p>\n\n\n\n<p>Additionally, amendments were also introduced to allow <a href=\"https:\/\/www.zameen.com\/news\/fatf-pakistans-rating-31-accounts.html\" target=\"_blank\" rel=\"noreferrer noopener\">tax<\/a> collection from people residing outside the country through bilateral and multilateral agreements with the countries.<\/p>\n\n\n\n<p>The committee also retained the tax exemption status of medical and provident fund of employees. Similarly, a three-month extension is provided for the payment of the last fourth tranche of taxes under the 2019 tax amnesty scheme. Further, the bill now would require FBR declaration for business accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Senate Standing Committee on Finance on Thursday has approved the proposal to indefinitely extend the time limit for serving tax notifications in cases involving undisclosed assets overseas, and tax evasion through lucrative gifts, news sources reported. The amendments were proposed by the Federal Board of Revenue Operational Wing and will be included in the Finance Bill 2021-22 before it is approved by parliament. Read: Govt proposes flat 5% CGT on immovable property Previously, the maximum limit for serving notices was five years, which is now being lifted. However, it is worth noting that tax notification can be averted provided that the commissioner is satisfied with the individual&#8217;s reason for not disclosing foreign assets. As for tax evasion through \u2018suspicious\u2019 gifts, the FBR has reported a transaction activity of PKR 170 billion in the names of gifting the relatives in the previous year. Read: FBR notices served to realtors regarding legal compliance Additionally, amendments were also introduced to allow tax collection from people residing outside the country through bilateral and multilateral agreements with the countries. The committee also retained the tax exemption status of medical and provident fund of employees. Similarly, a three-month extension is provided for the payment&hellip;<\/p>\n","protected":false},"author":75,"featured_media":60701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15017],"tags":[46343],"persona":[],"class_list":{"0":"post-77179","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-notices-announcements","9":"tag-senate-lifts-time-limit-on-serving-tax-notices-involving-undisclosed-overseas-assets","10":"cat-15015-id","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax notices involving undisclosed overseas assets - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Senate Standing Committee on Finance on Thursday has approved the proposal to indefinitely extend the time limit for serving tax\" \/>\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\/undisclosed-overseas-assets.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax notices involving undisclosed overseas assets - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Senate Standing Committee on Finance on Thursday has approved the proposal to indefinitely extend the time limit for serving tax\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/undisclosed-overseas-assets.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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