ISLAMABAD: The federal government has decided to authorized Security and Exchange Commission of Pakistan to collect details of taxpayers. However, the Federal Board of Revenue (FBR) has already this power.
According to details, the federal government has directed all the government, private and semi-government organizations that they must provide details of bank accounts, real assets and properties of taxpayers to the Security and Exchange Commission of Pakistan.
Sources added that the federal government will include clauses in the securities bill under which the procedure for fine recovery by Security and Exchange Commission of Pakistan will be included and the said organization will be authorized for the recovery of fine imposed and implementation of sentences.
Sources added that federal government already assigned these powers to FBR under which FBR is getting details about taxpayers. Sources added that this step has taken for the documentation of economy.
