FBR to go after evaders using offshore accounts, properties to avoid taxes

The govt. has proposed several amendments to the income tax law to tighten the noose around offshore tax evaders. Under the proposed amendments, tax evasion via offshore accounts will be deemed as a punishable crime and those found guilty will either have to pay hefty fines or face jail time of up to 7 years. The amendments are in line with the FATF recommendations and will be made part of the Finance Act’19 after approval from the parliament. Additionally, it has also been proposed that names of those individuals — who have evaded offshore tax equal to PKR 2.5Mn — will also be published in the country’s print and electronic media.