FBR Barred From Initiating Proceedings Against Amnesty Scheme Declarants propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
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December 23, 2020
ISLAMABAD: The Federal Board of Revenue (FBR) has been empowered through the proposed draft rules of asset declarations to initiate proceedings where an asset was not declared by the taxpayers up to tax year 2018.
The FBR will not initiate proceedings against the legally valid declarations of amnesty scheme of 2019 under the Foreign Exchange Regulation Act, 1947, Protection of Economic Reforms Act 1992 and Anti-Money Laundering Act, 2010 or any rules, notifications or orders made there under with respect to assets, income or expenditure declared under the Assets Declaration Act 2019.
The FBR has issued a draft of further amendments to the Assets Declaration (Procedure and Conditions) Rules, 2019 through a notification issued on Tuesday. As per the draft rules, no declaration shall be declared void unless definite information regarding misrepresentation or suppression of facts is available with the Commissioner Inland Revenue. The FBR has explained the
FBR Issues Further Draft Amendments in the Assets Declaration (Procedure and Conditions) Rules, 2019
The Federal Board of Revenue (FBR) will not initiate proceedings against the legally valid declarations of amnesty scheme of 2019 under the Foreign Exchange Regulation Act, 1947, Protection of Economic Reforms Act,1992, and the Anti-Money Laundering Act, 2010 or any rules, notifications or orders made thereunder with respect to assets, income or expenditure declared under the Assets Declaration Act 2019.
The Federal Board of Revenue (FBR) has belatedly issued rules for the declarants of the amnesty scheme of 2019. The availing date of which was June 30, 2019.
The FBR has issued a draft of certain further amendments in the Assets Declaration (Procedure and Conditions) Rules, 2019 through a notification issued here on Tuesday.
Arguments sought on Shahbaz family s plea to unfreeze assets
National
December 22, 2020
LAHORE: An accountability court Monday again sought arguments from the counsel of Opposition Leader in National Assembly Shahbaz Sharif by January 14 on applications moved by his family seeking unfreezing of their assets. Previously, the National Accountability Bureau had informed the court that money-laundering investigations against Shahbaz Sharif, Salman Shahbaz, Hamza Shahbaz and others continued. The NAB claimed Shahbaz had made assets in the name of his wives. However, the family failed to disclose sources of their income, which was in violation of the Finance Act and the Money Laundering Act. On the other end, the Shahbaz family had moved the court against the NAB’s act of freezing their assets, arguing that it was illegal to freeze assets during the course of investigations. After receiving the NAB reply, the court of Jawadul Hassan summoned both parties for arguments by May 5. On D