The Federal Board of Revenue (FBR) has started a probe against Pakistani nationals whose names have appeared in the Paradise Papers.
Sources confirmed to Business Recorder here on Friday that the exercise has been started on the pattern adopted in relation to the Panama Papers and FBR will coordinate with the Securities and Exchange Commission of Pakistan (SECP), National Database & Registration Authority (NADRA) and State Bank of Pakistan (SBP) for seeking relevant information and verifications about persons appearing in the list of Paradise Papers.
The FBR will ask SECP to give details about the companies owned by these persons. The SECP can assist FBR whether investments have been made by the companies registered in Pakistan in the offshore companies listed in the Paradise Papers. Addresses would be obtained from NDARA while banks information would be sought from SBP. The FBR can seek assistance of Nadra under section 176 of the Income Tax Ordinance 2001 in finding identities, whereabouts and addresses.
The FBR will also investigate source of funds held outside Pakistan and payment of taxes in Pakistan on such sources if funds have been transferred from Pakistan. In case of the Panama Leaks, the FBR had issued notices under the Income Tax Ordinance 2001 to the owners of offshore companies. There is a likelihood that the assignment would be given to the Directorate General of Intelligence and Investigation Inland Revenue (IR) for this purpose, as it has ample experience of dealing with the owners of companies disclosed in the Panama Papers.
Sources added that the FBR will start the exercise based on available data and within the legal framework empowering the FBR to investigate the matters. The Paradise Papers is a database comprising around 13.4 million documents, which reveal over 25000 companies owned by the world''s rich and influential individuals. The list also contains the names of Pakistani nationals.
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