ISLAMABAD: Federal Board of Revenue (FBR) has decided to impose penalty on people, who were named in the Panama Leaks and they did not respond to the Board’s notices.
Even after three months, around 140 individuals have replied to the notices so far,” said an official of the FBR.
Sources said that the FBR had issued reminders where replies were not received to notices u/s 176 of the Income Tax Ordinance and next step would be to issue penalty notices u/s 182 if response could not be received till compliance date.
They said that the penalty amount in non-compliance cases was Rs 25,000 for first default and Rs 50,000 for each subsequent default.
The FBR had found 444 cases under Panama leaks and it traced 336 addresses. Later on, notices were issued to 336 people since September 1 under Income Tax Ordinance 2001, section 176. Addresses with respect to 108 individuals/entities are still missing. The notices were issued to verify the information with the FBR database.
