Directorate General of Intelligence and Investigation Inland Revenue (IR) has sought details from National Database and Registration Authority (NARDA) of 67 Pakistani residents having offshore companies to trace such owners who are not available at the declared addresses mentioned in the Panama Leaks.
Sources told Business Recorder here on Wednesday that the 67 companies are not traceable while they are also unavailable at the declared addresses as per the Panama Leaks.
When the notices reached the declared addresses, the owners were not living on the said addresses. The agency has sought assistance of NADRA to collect data about the owners of offshore companies, where required.
The FBR had issued notices to 344 owners of companies in the Panama Leaks seeking information about ownership of companies and details about their tax matters, etc.
The FBR has issued notices to the owners of offshore companies under relevant provisions of the Income Tax Ordinance 2001.
Out of 344 companies, 68 owners admitted that they have offshore companies in Panama; 15 reported to be dead in responses received from their widows; 31 declared their status as non-residents; 67 were untraceable; 29 penalty/show cause notices issued and adjournments/under-correspondence were issued in 81 cases.
According to the sources, best course of action has been adopted by the Federal Board of Revenue (FBR), which is the competent authority to deal with the issues of tax matters.
The FBR has intensified efforts to complete the exercise based on available data and within the legal framework empowering the FBR to investigate the matters.