Table of Contents

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.

Read More: Chinese Company Made Copy of Land Cruiser LC300

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.”

Read More: Nokia Changes Its Logo for The First Time in 60 Years

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.

For more information, please get in touch with Al Sadat Marketing.

You can also invest in other famous and most in demand housing societies, such as , Blue World CityRudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom ValleyNew Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.

Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/

Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart CitySilver City Islamabad, The Life ResidenciaFaisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

Book Your Plot Now: +92 331 111 0005

Tags :

Share :

About Author
About Author

Syed Sadat Hussain Shah

Talk to Us!

Latest Posts

Categories

Leave a Reply

Your email address will not be published. Required fields are marked *