ISLAMABAD: In a bid to unearth black money, Federal Board of Revenue (FBR) has given special powers to the Directorate of Intelligence and Investigation of Inland Revenue to scrutinise suspected bank accounts and conduct raids.
The revenue authority, exercising the powers conferred by section 230 of the Income Tax Ordinance, 2001 (XLIX of 2001), read with section 208 and sub-section (1) of section 209 thereof, and in supersession of its Notification No. S.R.O. 351(I)/2014, dated the 07th May, 2014, has conferred upon the officers of above said departments.
According to the notification, FBR has empowered the Director General I&I Inland Revenue and Director I&I IR Headquarters to investigate Suspicious Transactions Reports (STRs) or other assets of persons impounded by any department or agency of the federal or provincial government and prepare/transmit reports to respective RTOs or LTUs for the purpose of application of Section 111 and for taking appropriate action under the Ordinance.
The table of powers conferred upon the officers is as:
