ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi on Friday announced that the revenue authority, in collaboration with the National Database and Registration Authority (NADRA), has introduced an online application for the inquiry of assets.
Addressing a presser in the federal capital, Zaidi said that the application will not allow anyone to access the data of any other person except them.
Earlier, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh laid the Assets Declaration Ordinance 2019, in the National Assembly as required by Clause (2) of Article 89 of the Constitution.
The ordinance aims to provide for voluntary declaration of undisclosed assets, sales, and expenditures. The board reiterated that the closing date for assets declaration scheme is June 30, 2019.
It was advised to the persons intending to avail this scheme to ensure that the following reliable data relating to undeclared and undisclosed assets and expenditure should be shared with FBR.
- Data of industrial and commercial gas and electricity consumers from various DISCOs and gas distribution companies has been procured to identify the persons who are chargeable to tax but have not been paying their due taxes.
- That there is complete cooperation between the banks and the FBR on the availability of data relating to withholding taxes and other relevant information especially related to non-filers.
- That FBR in collaboration with NADRA is providing access to the concerned persons (confidentially) for the transactions undertaken in the past in order to let the people know the transactions undertaken by them. This data will be available through secure channels from NADRA on demand subject to a certain fee.
- That it is planned that bearer certificates such as bearer prize bonds will be converted into registered prize bonds over a period of time as specified by the State Bank of Pakistan in coming months.
- FBR is in contact with the land record authorities and relevant District Collectors with regard to shops and establishments for identifying the business establishments within their respective areas.
- That administrative setup is being placed for the operation of the Benami law and it is expected to be fully operational from July 1, 2019.