FBR confiscates 8 undeclared asset holdings for 90 days

[Shahzaz ud din]

FBR confiscates 8 undeclared asset holdings for 90 days
By
admin
-
July 3, 2019

July 3, 2019 (MLN): The Federal Board of Revenue (FBR) exposed 8 non-verified asset holders in an official notice dated yesterday, and granted approval for confiscation of their assets for a period of 90 days.

As per the notice, the confiscated properties include 2 plots near Civil Lines in Karachi and 1 plot in Clifton. The remaining confiscated assets comprise of a total of 52.3 million shares of Thatta Cement Company and 60 million preference shares of Summit Bank.

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[Shahzaz ud din]

 

[313ghazi]

What happens after 90 days?

 

[Shahzaz ud din]

 

[Abdussamad]

What happens after 90 days?

They ask the court for an extension and get more time to hold the property.

 

[war&peace]

What happens after 90 days?

I guess would be sold in open market.

 

[PakSword]

What happens after 90 days?

It means the owner has been given 90 days to prove that the property was purchased by a legal source of income.

Once the income source is identified, it will be checked if the tax has been paid on that income.

If income is legit, but the tax wasn't paid, a punishment (fine or imprisonment or both) will be awarded..

If income source is not legit (illegal commissions bribes, or whatever illegal sources) OR the source is not ascertained, the property will be confiscated forever (by the courts' order).

 

[war&peace]

It means the owner has been given 90 days to prove that the property was purchased by a legal source of income.

Once the income source is identified, it will be checked if the tax has been paid on that income.

If income is legit, but the tax wasn't paid, a punishment (fine or imprisonment or both) will be awarded..

If income source is not legit (illegal commissions bribes, or whatever illegal sources) OR the source is not ascertained, the property will be confiscated forever (by the courts' order).

Most of them won't turn up to claim their properties

 

[IceCold]

Most of them won't turn up to claim their properties

Yup. They know agli government milli to is sa be double property bana lain ga. In Pakistan people come into government just to increase personal wealth.