FBR action against Dollar Hoarders

FBR action against Dollar Hoarders

| FBR action against Dollar Hoarders |

Federal Board of Revenue (FBR) is all set to initiate strict action against money hoarders and in this regard field formations have been directed to take record from money exchange companies and financial institutions.

This is in response to meeting held in August amongst the FIA, FBR, ministry of interior, ISI and ANF officials.

State bank of pakistan (SBP) is a statutory department of the government which regulates the foreign exchange under the Foreign Exchange Regulations Act 1947 and had given go head to FBR to collect the record of transactions from the money changers and the financial institutions. However, FBR has already powers to collect the record of transactions under the income tax ordinance 2001.

According to Media reports FBR urges to issue tax notices under section 176 to the dollar hoarders to justify their transactions and sources of money and if they failed strict action will be initiated against them under the relevant tax and other laws of the country.

#Dollar_Hoarders #Money_Exchange #Financial_Institutions #FBR

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