NADRA to Act as an Assessing Officer for FBR
NADRA to Act as an Assessing Officer for FBR via Section 175B (2): To one’s surprise, NADRA has been given to perform the following function:
(i) To identify income, receipts, asset, properties, liabilities, expenditure or transaction that have escaped assessment.
(ii) To identify the above as to whether these have been under assessed or given excessive refund.
(iii) To identify as to whether income or asset have been mis-declared or misclassified.
(iv) To identify the value of assets if it is found at variance with FBR value or Provincial BOR value.
(v) To identify the Market Value of these assets in absence of FBR value or of the BOR value.
For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/