ISLAMABAD: The officials of Federal Board of Revenue (FBR) have been restricted from taking any action against persons, who availed tax amnesty scheme 2019.
The Finance Bill 2019 proposed to insert Section 120B to Income Tax Ordinance, 2001 to prohibit tax officials from taking any such action.
The proposed law reads as follow:
“120B. Restriction of proceedings
(1) Where any person entitled to declare undisclosed assets, undisclosed expenditure and undisclosed sales under the Assets Declaration Act, 2019 declares such assets, expenditures or sales to pay tax, no proceedings shall be undertaken under this Ordinance in respect of such declaration.
(2) Notwithstanding anything contained in any other law, for the time being in force, sub-section (3) of section 216, except the provisions of clauses (a) and (g) of sub-section (3) of section 216, particulars of the persons making declaration under the Assets Declaration Act, 2019 or any information received in any declaration made under the said Act shall be confidential.”