ISLAMABAD(Republic policy): To check money laundering and Benami transactions, the government has finally allowed banks to access asset declarations of Civil Servants of BS-17 to BS-22 as a prior condition for the opening of bank accounts.
When contacted tax lawyer Waheed Shahzad Butt told Business Recorder that the new Federal Board of Revenue (FBR) rules obligate public office holders (Civil Servants BS-17 to 22) to declare details of assets owned by them and members of their families inside and outside Pakistan to the FBR, while it has also obligated the banks to provide these details twice a year, on Jan 31 and July 31.
Earlier, an application was filed under Article 19A of the Constitution, by Waheed Shahzad Butt, who wanted to know the quantum of wealth/ assets of tax officials in Pakistan and abroad on the date of joining of FBR and its status as on June 30, income declared for last five years and expenditures made in Pakistan, as well as, abroad.
