KARACHI: Leading businessmen are amongst those who are being questioned by Federal Board of Revenue (FBR) for explaining source of income in purchasing properties in the UK.
Sources in FBR told PkRevenue.com notices had been sent to around 400 persons on their local addresses in Karachi. These persons have been identified through exchange of information with UK authorities and these persons have invested in UK properties.
The FBR authorities have kept secret the identity of those persons but sources said that there were many businessmen, who owned properties in the UK.
The FBR and Her Majesty Revenue and Customs (HMRC) of the UK initiated a pilot project of Automatic Exchange of Information (AEOI) last month and the local tax authorities managed to obtain information of several rich Pakistanis.
The FBR established six zones across the country which are being controlled by FBR Headquarter. The sources said that the FBR transferred around 700 cases to Karachi zones, which comprised of Large Taxpayers Unit (LTU) Karachi, LTU-II Karachi, Corporate Regional Tax Office (CRTO), RTO-II, RTO-III, RTO Hyderabad and RTO Sukkur.
In the first phase the Karachi Zone issued around 400 notices to resident of Karachi in the first week of August and now started receiving response from these person.
The FBR sources said that there might be persons who have availed amnesty scheme, which was concluded July 31.
The identified persons have been given opportunity of being heard and in case those had availed amnesty scheme or provide evidence of source of income then there would be no further proceeding. But for those who failed to provide source of income then the tax authorities will initiate proceeding as per law, the sources added.