‘FBR To Raid Residential Properties For Recovering Undeclared Dollars’
The government is planning to raid residential premises after approval of the Finance Bill 2019 to recover undeclared dollars.
It was revealed by Federal Board of Revenue (FBR) Member Inland Revenue Policy Dr Hamid Atiq Sarwar at press conference, a provision to conduct raids on residential premises had been introduced in the Finance Bill 2019, reported Business Recorder.
The provision said, “The Commissioner shall, subject to the condition as may be prescribed, raid any premises where there is reliable information of undeclared gold, bearer security or foreign currency and confiscate the same in order to enforce any provision of this Ordinance.”
The FBR Member said certain people had concealed dollars in their residential premises which were undeclared or unexplained. The government would raid these premises to recover the undeclared dollars, he said.
He said the government might exclude gold from the list of items which could be recovered from conducting raids at the residential premises or private houses under enforcement provisions of the Finance Bill 2019.
The move is aimed at enhance tax base from less than two million to four million by the end of fiscal year 2019-20.
Earlier, a senior official in Karachi said the FBR had compiled a list of over 13,000 luxury cars whose owners had never filed income tax returns.
Chief Commissioner Inland Revenue Badaruddin Ahmed Qureshi said, “The data had been collected from motor vehicle registration authority”.
He added that under Income Tax Ordinance, 2001 owners of cars above 1,000CC had to file mandatory income tax returns regardless of the threshold income, adding, the latest data only had names of those people who owned above 2000CC vehicles.