The Federal Board of Revenue (FBR) is all set to initiate strict action against 'dollar hoarders' as field formations have been directed to collect transaction records from money changers and financial institutions, it is learnt here. According to sources, the directions were given following a meeting, held in August, and chaired by secretary interior and attended by executive director SBP, DG FIA, member FBR, DG FMU along with the representatives of ISI and ANF.
Furthermore, sources said that SBP, which was a statutory board that regulated exchange companies under the relevant provision of Foreign Exchange Regulations Act (FERA), 1947, had given go-ahead to the FBR to collect transaction data from money changers and financial institutions and squeeze the neck of 'dollar hoarders'.
They said that SBP was of the view that FBR had powers under Income Tax Ordinance, 2001 to collect transactions data from exchange companies and financial institutions.
Keeping the said in view, the board has directed its field formation to conduct the audit of money changers and financial institutions to collect transaction records and identify "dollar hoarders," sources said.
Replying to a question, sources said that after identifying "dollar hoarders" tax departments would issue notices under section 176 of the Ordinance and asked them to justify dollar transactions against their source of income and if they failed to do so, strict action including confiscation of dollars would be taken.
Comments
Comments are closed.