This article was last updated on April 16, 2022
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Official sources have revealed that the Federal Board of Revenue (FBR) has finally responded to the revelations of the Panama Papers and issued notices to almost 600 owners of offshore companies whose names appeared in the Panama Papers, including the family members of Prime Minister Nawaz Sharif. According to the report, in case the postal address of an owner was not available with the FBR, it would collect addresses from NADRA and then send them notices.
An FBR official also confirmed that “we have issued notices to all of them in cases where their names were shown in the Panama Papers. The Federal Board of Revenue (FBR) has started the process of taking version/verification of all Pakistani individuals/companies, whose names appeared in the papers released by ICIJ regarding the ownership of offshore enterprises.” Furthermore, it was added that the notices were issued under section 216 (notice to obtain information or evidence) of the Income Tax Ordinance 2001 to verify the information with the FBR database.
The FBR hopes to seek clarification and record the explanations of the owners of offshore companies as reported by the papers released by ICIJ. The notice issued by the FBR questions the concerned persons to explain their position whether they are owners of offshore accounts and other related information. The section 216 of the Income Tax Ordinance 2001 allows the commissioner to require any person to provide any information relevant to any tax leviable under this Ordinance as specified in the notice.
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