Federal Board of Revenue (FBR) has clarified that it is bound by strict confidentiality provisions contained in Foreign Assets (Declaration and Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act, 2018 and disclosure is punishable by fine from five hundred thousand to one million rupees or imprisonment for a term not exceeding one year or with both.
Federal Board of Revenue (FBR) has strongly rebutted a news report published in a section of the national press regarding payment of tax under foreign tax amnesty scheme by a Karachi-based taxpayer.
FBR has rejected the contents of the report and strongly denied that the baseless information has been provided by FBR sources. In this connection, FBR wants to clarify that it is bound by strict confidentiality provisions contained in Foreign Assets (Declaration and Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act, 2018. Under these provisions disclosure is punishable by fine from five hundred thousand to one million rupees or imprisonment for a term not exceeding one year or with both.
To ensure confidentiality of the declarant, FBR has developed an online system for filing amnesty declarations, which has proper safeguards in place and restricts access to information contained in the declarations, FBR added.-PR
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