Tax amnesty scheme: FBR not authorised to disclose names of investors: officials
ISLAMABAD: The Federal Board of Revenue (FBR) cannot disclose the names of individuals, companies and firms who have invested Rs186 billion in construction projects under the tax amnesty scheme due to the confidentiality provisions under the Income Tax Ordinance, 2001.
When approached, senior FBR officials told Business Recorder here on Tuesday that the FBR was not legally authorised to disclose any information available in the income tax returns, and wealth statements to the general public.
If a taxpayer wants his own information, this can be shared, but details of the income tax returns and the wealth statement cannot be shared publicly.
The FBR officials referred to section 216 of the Income Tax Ordinance, 2001, that all particulars contained in any statement made, return furnished, or accounts or documents produced or any evidence given, or affidavit or deposition made, in the course of any proceedings under this law or any record of any assessment proceedings or any proceedings related to recovery of a demand shall be confidential, and no public servant save as provided in this Ordinance may disclose any such particulars.
Even if there was no specific clause of confidentiality in the tax amnesty scheme for the developers and builders, the FBR cannot share names under the confidentiality provisions under the Income Tax Ordinance, 2001.
They said that the construction projects under the scheme are open for the general public, and they would know about the developer and builder or the investor.
The people would know the name of the developers and the builders who are doing these construction projects.
However, this does not mean that the FBR starts publishing names of the investors in the construction projects in the media.
The FBR officials were of the view that disclosing the names of investors publicly has serious repercussions including increase in incidents of kidnappings in the country. They added that the past amnesty schemes and the new one cannot be compared because both have different schemes of attracting investment and undisclosed assets and income.
Copyright Business Recorder, 2021
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