Around 58 owners of offshore companies, whose names appeared in the Panama Papers, have submitted their responses to the notices of the Federal Board of Revenue (FBR). Sources told Business Recorder here on Tuesday that the FBR had issued notices to 233 owners of offshore companies whose names appeared in the Panama Papers. So far, the Board has received responses from 58 persons. Responses to the remaining 175 cases are still awaited. In certain cases, owners of offshore companies time. Some have admitted while others have denied that they own offshore companies.
The FBR is in the process of taking versions/verifications of all Pakistani individuals/companies, whose names appeared in the papers released by ICIJ regarding the ownership of offshore enterprises. The official said notices have been issued under section 176 (notice to obtain information or evidence) of the Income Tax Ordinance 2001 to verify the information with the FBR database. The FBR wanted to hear the viewpoint of the owners of offshore companies as reported by the papers released by ICIJ. The FBR has asked the concerned persons to explain their position whether they are owners of offshore accounts and other related information.