ISLAMABAD: The Federal Board of Revenue (FBR) has taken some important measures with regard to the investigation on Panama issue. The Directorate General of Custom Intelligence and Investigation was given a task to investigate the matter.
FBR Chairman Nisar Mohammad Khan briefed the National Assembly Standing Committee on Finance and Revenue about the Panama Leaks and actions taken in this regard.
He clearly stated that the main role of the FBR was to monitor the matter whether the tax has been paid on the income and transaction of funds by the citizens of Pakistan or not. Director General, Custom Intelligence informed the committee that certain constraints were there before starting the subject assignment, because incomplete information was published by media.
However, 444 cases were found by Customs Intelligence, accordingly the FBR investigated and traced 303 addresses. Later on, notices were issued under income tax section 176, Ordinance, 2001, to these 303 individuals asking about different information.
However, the FBR has received 94 responses in this regard, so far. The FBR chairman assured the committee that the board would do its job without any discrimination.
The chairman briefed the committee about the salient features of the Tax Laws (Amendment) Bill, 2016 and said that in order to provide parity between conventional TFCs and Shariah compliant companies the bill has proposed to grant similar tax concessions and incentives to the Shariah compliant companies.
He added that sub-section (4) was inserted in section 236-C by providing exemption from the application of this section to the dependents of Shaheeds belonging to Pakistan Armed Forces and those who die, while in the service of the Pakistan Armed Forces or Federal and provincial governments.
He further stated as the language of this sub-section was misinterpreted and intended scope was being enlarged. Therefore, it is proposed to redraft this sub-section as to clearly manifest the intended scope of this provision. After detailed discussion the Committee recommended that “The Tax Laws (Amendment) Bill, 2016 (Ord. No. V of 2016)” may be passed by the National Assembly.
