Amnesty scheme: focal tax officials notified
SOHAIL SARFRAZ
ISLAMABAD: While notifying 23 focal tax officials under amnesty scheme, the Federal Board of Revenue (FBR) Thursday extended time limit for reporting of financial information by financial institutions till July 15, 2018 for automatic exchange of financial accounts information under the Common Reporting Standard (CRS) rules.
The FBR here on Thursday also nominated 23 regional focal persons to liaison with Central Amnesty Cell to facilitate taxpayers in speedy submissions of declarations under amnesty scheme.
According to the FBR’s letters issued to the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP), the date for reporting of financial accounts information was earlier fixed at June 30, 2018. However, FBR has received several requests from Financial Institutions for further extension of the reporting timelines. In view of the fact that the training by concerned team regarding online reporting has recently been conducted on June 27, 2018 the due date for reporting of financial accounts information to FBR under CRS Rules hence is further extended from 30th June, 2018 till 15th July, 2018.
The SECP and SBP should circulate to all the Reporting Financial Institutions under their respective regulation, FBR added.
Sources said that the FBR had issued a list of 645 financial institutions, banks, investment/asset management companies, microfinance institutions and brokerage houses registered with the Board for the purpose of automatic exchange of financial accounts information under the Common Reporting Standard (CRS) rules.
It is learnt that the list contains names of financial institutions registered with the FBR for automatic exchange of financial accounts information under the CRS.
Sources said that the FBR has specified common reporting standards for financial institutions for automatic exchange of information including banking information with OECD member countries under bilateral agreement/multilateral convention, including agreements of avoidance of double taxation and prevention of fiscal evasion.
According to the sources, exchange of banking information has been proposed to be carried out between tax authorities of Pakistan and OECD member countries under the common reporting standards. Around 105 countries of the world would follow the same common reporting standards for automatic exchange of information under OECD model.
The FBR’s office order on amnesty scheme says that the FBR has nominated regional focal persons to liaison with Central Amnesty Cell FBR Islamabad.
In continuation of FBR’s earlier circular, the 23 Regional Focal Persons have been nominated to liaison with Central Amnesty Cell. FBR House, Islamabad, for the subject activity. The following focal persons will remain available at their respective headquarters for the facilitation of taxpayers for smooth filing of Amnesty Declarations and technical assistance.
Abdul Hameed Shaikh, Additional Commissioner, LTU Karachi; Naib Ali Pathan, Additional Commissioner, LTU-II Karachi; Maqsood Jahangir, Commissioner, CRTO Karachi; Mussaratullah Khan, Additional Commissioner, RTO-II Karachi; Ansar Ali Badar Solangi, Additional Commissioner, RTO Sukkur; Rehmatullah Khan Durrani, Additional Commissioner, RTO Quetta; Ms. Rafia Ilyas, Additional Commissioner, LTU Lahore; Asim Sana Naik, IRO/Staff Officer-II, CRTO Lahore; Muhammad Suleman, Deputy Commissioner, RTO-II Lahore; Ahmad Mujtaba, Assistant Commissioner, RTO Multan; Hafiz Muhammad Qasim Haroon, Deputy Commissioner, RTO Gujranwala; Tahseen Sadiq Tarar, Additional Commissioner, RTO Sialkot; Tauqeer Ahmad, Additional Commissioner, RTO Rawalpindi; Liaqat Ali, Staff Officer-III, RTO Sahiwal; Muhammad Akhtar Suraj, Additional Commissioner, RTO Bahawalpur; Junaid Murtaza Janjua, Deputy Commissioner, RTO Faisalabad; Shakeel Ahmed Shhakeel, Additional Commissioner, RTO Sargodha; Syed Hassan Sardar, Deputy Commissioner, RTO Islamabad; Hayat Muhammad, Additional Commissioner, RTO Abbottabad; Ahmed Shuja Khan, Commissioner, LTU Islamabad; Abid Mehmood, Commissioner, RTO Peshawar and Muhammad Shamim Murtaza, Additional Commissioner, RTO Hyderabad, FBR added.
