Top Story 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 treatment of asset, income or expenditure in a declaration.