ISLAMABAD: Federal Board of Revenue (FBR), in its report, on Thursday stated that the board is incompetent to bring back the looted wealth by Pakistani nationals stashed in their foreign accounts owing to absence of legal framework.
The report was submitted in the Supreme Court of Pakistan during a hearing into the suo motu case with regard to foreign bank accounts held by Pakistani citizens.
In the report, it was said that the FBR has been investigating as many as 444 people named in the leaked documents including Panama Papers but the board couldn’t bring the wealth stashed abroad by Pakistani nationals due to legal complexities.
It was further stated in the report that the FBR has sought property details of 55 Pakistanis from authorities in UAE, besides notices to 366 Pakistanis named in the Panama Papers have also been issued notices.
About filing of income tax returns, the FBR reported that 47 out of 61 non-filers, named in the Panama Papers, have filed their income tax returns.
Earlier, the CJP had taken notice of the issue on February 1.
Justice Nisar then said there were reports circulating that people in the government ranks have been stashing money abroad in their foreign accounts.
The top court then ordered the FBR to submit a report on steps that have been taken regarding the matter of offshore companies in wake of Panama and Paradise Papers.
The court then directed the FBR, State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and Finance Ministry to submit a comprehensive report on the matter.
The post Foreign accounts case: FBR incompetent to bring back stashed money abroad appeared first on ARYNEWS.
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