Untaxed money, assets will find no hiding: CCIR RTO-II

Untaxed money, assets will find no hiding: CCIR RTO-II

KARACHI: People will find no place to conceal their untaxed money from next month as Federal Board of Revenue (FBR) planned a comprehensive plan to bring all taxable income into tax net, Badaruddin Ahmad Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II, Karachi at a press conference on Thursday.

He said that FBR had gathered information of people having taxable income through various sources including transactions of immovable properties, motor vehicle registrations, banking transactions, air travel, education fee etc.

He further said that the information of Pakistanis, having offshore investments on which tax was not paid, had also received.

Further, the Benami law, which was passed by the Parliament in 2017 and the FBR issued rules in February 2019, is also in vogue.

So in this scenario a person will not able to hide his illegal money or assets in future, the chief commissioner added.

Qureshi said that the present Asset Declaration Scheme was introduced in this background as the government wanted to give last chance to people having illegal money and assets to declare at nominal tax rates before launching stern action.

The CCIR said that the declaration scheme would end by June 30 and there would be no further extension.

“This is the last chance. People should avail this opportunity. The FBR will launch drive against tax evaders from July 01,” he added.

He said that the RTO-II Karachi had also collected information from various sources and one of those were details of luxury motor vehicles.

“There are 13,000 motor vehicles of 2400CC engine capacity in the city and their owners are not on the tax roll,” the chief commissioner said, adding that those persons would be served notices from July 01, 2019 and tax authorities would compel them to file their return and pay duty and taxes besides declaring their assets.

To a question about the progress of amnesty scheme, he said that the response was slow but historically people avail opportunity on the last dates, he said and hoped large number of declaration would be received.

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