KARACHI: The Federal Board of Revenue (FBR) is undertaking an exercise of identifying and investigating individuals having assets more than their declared income and having assets abroad. In this regard, several big names were identified including talk show host Hamid Mir.
The Inland Revenue Intelligence and Investigation of FBR identified a property S-1 Community B-TH-550, Springs, Dubai, UAE owned by Hamid Mir. Therefore, a notice u/s 176 of Income Tax Ordinance was served on the talk show host.
The notice advised Hamir to provide sale and purchase agreement-indicating date of purchase and the consideration involved in the purchase of said property in Dubai, UAE; details of any other offshore asset (movable/immovable) held directly or indirectly by him or dependents.
Hamid Mir was also advised to submit details of the total amount of investment along with source along with year wise break-up of the investments made in the offshore assets and mode of transfer of funds for the purchase of the said assets.
The talk show host was also advised to confirmed whether the Dubai property was declared in his tax records; whether the investment was made out of the income earned in Pakistan and whether any income was/is being derived from the said property and declared in local tax records.
The notice was issued on October 10, 2018 and Hamid Mir was advised to furnish all the required details within 15 days of the receipt of the notice.