Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Tuesday (July 2) while talking exclusively to local media channel, warned that, strict action against the people having unnamed properties, will be started from tonight. He made it clear for all the people who did not took benefit from amnesty scheme, that Adjudicating Authority will start functioning from July 3, to implement Benami Act, 2017.
He expressed hoped that assets declaration scheme will generate worth Rs45 billion adding that sales tax registration can be done online from now on. While talking about illegal trade and smuggling he called for collective efforts to end the smuggling from the country.
“Smuggled items are easily available in all markets of Pakistan. We have to check the entry points of smuggled items and have to work over it,” he added. “Under-invoicing policy is a process of doing money laundering and used for smuggling purpose. Those who have assets more than Rs5 million can come under the interrogation of FBR.”
Shabbar Zaidi said that all institutions including FBR, State Bank, Security and exchange companies (SECP) have to work collectively.
On the other hand while talking to APP he said more than 95,000 people have registered their undeclared assets so far with the Federal Board of Revenue by availing the Asset Declaration Scheme, the deadline of which is ending on Wednesday July 3.
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