FBR empowered to probe foreign remittances above Rs5 million received in a year

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to probe source of foreign remittances above Rs5 million received by a person in a year.

According to Finance Bill 2019, an amendment has been proposed to Section 111(4) of Income Tax Ordinance, 2001 in this regard.

At present the FBR cannot ask source to any amount of foreign exchange remitted from outside Pakistan through normal banking channels up to Rs10 million in a tax year that is encashed into rupees by a scheduled bank and a certificate from such bank is produced to that effect.

However, this threshold has been reduced to Rs5 million.

FBR sources said that the proposal had been introduced through Finance Bill 2019 to shut the window for whitening of money.

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