FBR Allowed to Investigate Income Tax of Offshore Income
The Senate Standing Committee on Finance authorised Inland Revenue authorities of the Federal Board of Revenue (FBR) to investigate offshore income and asset owners’ prior income tax returns older than five years.
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Existing legislation imposes a five-year restriction or time limit on the inspection of records of owners of offshore assets and income.
According to the new law, there would be no time limits for investigating these instances. No time limit would be placed on the investigation of cases.
The new language of the Finance Bill 2021 states, “Established further that the time restriction provided under this paragraph shall not apply if the Commissioner is satisfied, based on reasons to be documented in writing, that a person who failed to file a return has overseas income or foreign assets.”
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Under the Finance Bill 2021, the Inland Revenue Commissioners would be authorised to scrutinise the income tax returns of owners of offshore assets or income for any prior year.
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