The Senate Standing Committee on Finance on Thursday gave a go-ahead to the Inland Revenue officials of the Federal Board of Revenue (FBR) to investigate past income tax returns beyond the five years period of owners of offshore income and assets abroad.
Under the existing law, there is a restriction or time limitation of five years for the investigation of records of owners of offshore assets and income.
Under the new law, there will be no time limitations for the purpose of investigating these cases. There would be no time limitation for the investigation of cases.
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According to the new clause of the Finance Bill 2021, “Provided further that the time-limitation provided under this subsection shall not apply if the Commissioner is satisfied on the basis of reasons to be recorded in writing that a person who failed to furnish his return has foreign income or owns foreign assets”, it added.
Now, the Inland Revenue Commissioners would be empowered to investigate income tax returns of any past year of owners of offshore assets or income under the Finance Bill 2021.
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