Islamabad: The Federal Board of Revenue (FBR) has decided to launch a crackdown against those Pakistanis who have opted not to avail the Tax Amnesty Scheme yet own assets in foreign countries.
In the first phase a crackdown will be launched against those who have amassed assets in UAE, UK but had not shared details in this regard. The FBR has vowed to take legal action and impose heavy fines.
According to the sources the FBR has issued notices to some 700 people, who own assets in foreign countries. Out of which 250 own assets in UK and some 450 in UAE.
The FBR has inquired about the source of money that has been used in acquiring assets.
As per the FBR officials, information about the assets were acquired by OCD and Net Project.
The agreement will go into effect from September 1st, after which 101 countries will be bound to exchange information about the assets of people.
