Tag: offshore assets
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Tax on payment to non-residents Section 6
ISLAMABAD: Section 6 of Income Tax Ordinance, 2001 deals with tax chargeability on certain payments made to non-residents.
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FBR sets 200pc penalty for offshore tax evasion
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said the amended income tax law attract 200 percent penalty amount of tax evaded in cases of undeclared offshore assets. The FBR issued income tax circular to explain the changes brought through Finance Act, 2019 regarding offshore assets and tax evasion. The FBR said that through the…
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Panama, Paradise leaks and other offshore undeclared assets holders can avail present amnesty scheme
ISLAMABAD: Persons having offshore undeclared assets in Panama and Paradise leaks can avail the latest Asset Declaration Scheme 2019, according to a presentation made by Federal Board of Revenue (FBR). According to the presentation made available to PkRevenue.com, Panama and Paradise leaks/offshore property holders can also avail the latest asset declaration scheme 2019, which is…
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Finance Bill 2019: severe punishment proposed for offshore tax evasion
ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. According to commentary on Finance Bill, 2019 by EY Ford Rhodes Chartered Accountants, the country in the recent past had witnessed a lot of hue and cry in respect of undeclared assets / wealth accumulated and held abroad by resident of…
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FBR establishes directorate for taking action against undeclared offshore assets
ISLAMABAD: Federal Board of Revenue (FBR) has established Directorate General of International Tax Operations to initiate legal proceedings in undeclared offshore assets by Pakistanis. The FBR issued notification to set up the directorate on March 29, 2019. The directorate will have head office in Islamabad and its subordinate offices will be at Lahore, Peshawar, Multan,…
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Finance Supplementary (2nd Amendment) Act 2019: Directorate set up for tax recovery from undeclared offshore assets
ISLAMABAD: The federal government has set up Directorate General of International Tax Operations for recovery of tax in undeclared off-shore assets and incomes. According to Finance Supplementary (Second Amendment) Act, 2019, the directorate has been established under new section 230E of Income Tax Ordinance, 2001. The new section is as follow: Section 230E: Directorate General…
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Bill to further empower FBR to tighten noose around undisclosed offshore assets
ISLAMABAD – The Federal Board of Revenue (FBR) has announced a significant move to enhance its authority in dealing with undisclosed offshore assets, as outlined in the proposals of the Finance Supplementary (Second Amendment) Bill, 2019.
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