AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

KARACHI: Pakistan Tax Bar Association (PTBA) has appealed to PM's Adviser on Finance & Revenue to stop the Federal Board of Revenue (FBR) field formations' interference or call into question any declaration made under the assets declaration laws.

In a letter to Adviser Finance & Revenue, PTBA stated that in the recent past, government promulgated three assets declaration schemes under Foreign Assets (Declaration & Repatriation) Act, 2018, Voluntary Declaration of Domestic Assets Act, 2018 and Assets Declaration Act, 2019[hereinafter referred to as 'asset declaration laws'].

The salient features of these asset declaration laws state; the declaration was voluntary in nature whereunder the undisclosed assets could be declared and recorded in books without providing any further detail or document as to source of income resulting into such assets; he declaration laws were given an overriding effect in respect of all the other laws in force at the time of their respective promulgations; and the declarants were extended complete immunity from any further proceedings under any other law since, the declarations laws, it is reiterated, were given the overriding effect.

In utter contempt to the sanctity and very objective of the asset declaration laws, however the field formations of FBR are challenging the declarations filed under said laws on frivolous, irrational, unlawful and misconceived grounds.

Field formations, while proceeding under Income Tax Ordinance, 2001 [law subservient to these special legislations] are issuing notices requiring further documents/ details in support of claims made in declarations.

It is asserted in the notices that in case such information is not provided adverse inferences would be drawn, the result of which would effectively be rejection of declarations. This action is not permitted under the law. FBR has no lawful authority to call into question the declarations, seek further documents or for that matter reject the declarations which have already attained finally.

The letter said the act of challenging the declarations filed under the asset declarations laws has created concerns and anxiety amongst the filers who represent leading business groups in Pakistan.

The action of FBR field formations is damaging the confidence of businesses in government, thus requiring immediate intervention as such action also offends the promises made to taxpayers under these overriding legislations.

PTBA called for issuance of detailed circular, administrative guidelines/instructions, setting out procedures in line with letter and spirit of these legislations to deal with cases involving declarations immediately as any delay would cause irreparable damage.

Copyright Business Recorder, 2020

Comments

Comments are closed.