ISLAMABAD: Chairman Federal Board of Revenue Jahanzeb Khan has informed the National Assembly Standing Committee on Finance that 152,518 number of bank accounts information of Pakistan tax residents have been received from foreign jurisdictions and received data has been analysed from taxation point of view and FBR was currently processing of overseas properties owned by Pakistanis in UAE and United Kingdom.
Out of the 400 offshore bank accounts of Pakistanis involving an amount of over $1 million each, the Federal Board of Revenue has managed to recover tax in one instance only — a mere Rs170 million ($1.22m) — in the past five months. Following the Panama Leaks cases, the FBR only managed to raise a tax demand of Rs6.5 billion so far.
The 6th meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held in Committee Room of FBR House, Constitution Avenue, Islamabad, under the
The committee members were briefed by the chairman, Federal Board of Revenue and chief (Policy) regarding banami bank accounts transactions and undeclared Overseas Properties owned by Pakistani. He also shared the data of total offshore cases, disposed-off cases upto 11-03-2019. The committee member have expressed their concern on the performance of FBR, in this regard, however, the chairman FBR informed that the actual information of the bank accounts were laying with Banks and State Bank of Pakistan being a regulator would be in a better position to explain the committee.
The committee decided that SBP, FBR, FIA, SECP and NAB representatives may be invited in the meeting of the committee for proper briefing on the matter. While, considering agenda pertaining to the problems being faced by employees of State Life Insurance Corporation, the Committee was informed by the Additional Secretary Ministry of Commerce that chairman State Life Insurance Corporation will not attend the meeting.
The committee has shown its displeasure on the absence of Chairman State Life Insurance Corporation / Secretary Commerce, however it was decided that a joint meeting with Standing Committee on Commerce will be convened to discuss the problems of SLIC employees. The Committee discussed the issues being faced by the general public due to extra price charged in shape of own money in the market and late delivery of vehicles by the manufacturers and assemblers.
The committee directed the Ministry of Industries to make the public friendly policies in this regard and also directed the FBR for initiating Forensic audit of automobiles dealers and manufacturer. The committee members have expressed their apprehensions on safety standards provided by the automobiles manufacturers in different vehicles. The Committee unanimously decided that another meeting would be called in this regard. The meeting was attended by MNAs Jawad Hussain, Raza Nasrullah, Jamil Ahmed Khan, Faheem Khan, Ms. Nusrat Wahid, Dr. Ramesh Kumar Vankwani, Muhammad Israr Tareen, Qaiser Ahmed Sheikh, Dr. Aisha Ghaus Pasha, Syed Naveed Qamar and Mr. Abdul Wasay, besides the senior officers of FBR, Ministry of Industries & Production and SECP.