Commissioner empowered to issue assessment order of past ten years on discovery of undisclosed offshore assets

KARACHI: The government has empowered Commissioner of Inland Revenue, Federal Board of Revenue (FBR) to make assessment orders of past ten tax years where undisclosed offshore assets discovered.
A new sub-section (1A) has been inserted to Section 123 of Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Bill, 2019, which was presented in the National Assembly on Wednesday.
According to the new sub-section
“(lA) Where an offshore asset of any person, not declared earlier, is discovered by the Commissioner or any department or agency of the federal government or a provincial government, the Commissioner may at any time before issuing any assessment order under section 121 or amended assessment order under section 122, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking into account the offshore asset discovered.”
Copyright © 2019

Leave a Reply

You have to agree to the comment policy.