FBR initiates probe against tax evaders

ISLAMABAD: The Federal Board of Revenue (FBR) has initiated investigations in 2,785 cases of tax evasion under gift scheme.The scheme is suspected to have been misused for the transfer of money and assets.

Since July 18, 2017, the Senate Committee on Finance, Revenue and Economic Affairs is considering the issue and it is expected that the panel would further discuss it during its meeting scheduled on Wednesday, (today), according to a notification issued by the Senate.

As per the current laws, gifts are exempted from taxes and that is why it has been suspected that people consider it a safe to transfer money and assets to evade taxes. The FBR's Anti-Money Laundering (AML) Cell of the Intelligence and Investigation, Inland Revenue, has been investigating the alleged scam under which billions of rupees are suspected to have been transferred without paying taxes. The board is scheduled to brief the Senate Committee on the latest updates and investigation details of its Anti-Money Laundering Cell.