ISLAMABAD: The federal government is preparing to launch a campaign which involves raiding residences in pursuit of lost dollars. The move comes days before the Amnesty Scheme deadline on June 30, 2019.
According to the Asset Declaration Ordinance 2019, the government has allowed Pakistanis from all over the world to declare their assets before June 30, 2019.
The permission to raid residential units comes as a special and rather unique provision in Finance Bill 2019 and will only be implemented once the bill is approved.
According to Dr Hamid Atiq Sarwar, Member Inland Revenue Policy, the bill has introduced a provision that allows the FBR to conduct raids on residential premises.
The incumbent government and revenue authorities believe that many have stashed undeclared dollars in their homes and cannot explain the source of the foreign currency in their possession.
The bill has further allowed authorities to look into gold, bearer securities or any other foreign currency that may be undeclared or unexplained.
According to the provision,
“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.”
According to the Asset Declaration Ordinance 2019, the government has allowed Pakistanis from all over the world to declare their assets before June 30, 2019.
The permission to raid residential units comes as a special and rather unique provision in Finance Bill 2019 and will only be implemented once the bill is approved.
According to Dr Hamid Atiq Sarwar, Member Inland Revenue Policy, the bill has introduced a provision that allows the FBR to conduct raids on residential premises.
The incumbent government and revenue authorities believe that many have stashed undeclared dollars in their homes and cannot explain the source of the foreign currency in their possession.
The bill has further allowed authorities to look into gold, bearer securities or any other foreign currency that may be undeclared or unexplained.
According to the provision,
“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.”