FBR to submit progress report in Panama, Paradise and Bahamas Leaks

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ISLAMABAD: Federal Board of Revenue (FBR) will submit its report to Supreme Court of Pakistan on action taken against Pakistanis having illegal money in their offshore accounts identified in different leaks issued by international Consortium of Investigative Journalists (ICIJ).
The apex court on February 01, 2018 took suo moto notice in illegal foreign assets of Pakistanis while expressing displeasure over the performance of local agencies in taking action against Pakistanis whose names were appeared in Panama and Paradise papers.
The Supreme Court fixed the case for hearing on February 15 and directed FBR, State Bank of Pakistan, Securities and Exchange Commission of Pakistan (SECP), ministry of finance, and other investigative agencies to submit their response on the issue.
The sources in FBR said that the top brass were remained busy on Wednesday late night to finalize the report. The sources said that FBR had conducted case to case study to satisfy the apex court.
The sources said that names appeared in the papers were most of before 2009, which were time barred as per tax laws. However, time condonation in those cases could pave way for further proceedings.
The sources said the law does not allow condonation in one go instead it requires condonation of each past day and thus going back many years it would take a long time for FBR to conduct investigate in those cases.
However, sources believed that if Supreme Court allows condonation in all those cases through one order for opening the cases of past years then it would be easy for FBR to open the cases.

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Supreme Court takes suo moto notice in illegal foreign assets of Pakistanis