Govt moves to tax undisclosed offshore assets
Seeks to impose taxes on ‘suspicious’ gifts transactions among relatives that increased to Rs170b last year
The government has imposed new taxes on almost every important consumable and daily use item, including sugar . STOCK IMAGE
ISLAMABAD:
The government has proposed to open more than five-year-old cases to tax undisclosed offshore assets of Pakistanis and also seeks to impose taxes on “suspicious” gifts transactions among relatives that increased to Rs170 billion last year.
In the Finance Bill 2021, the government has suggested to amend two critical clauses that deal with serving tax notices to the people and treating the gifts related transactions.