Daily The Business

FBR officers wings clipped: Chairman’ s nod must to attach taxpayers accounts

Our Special Correspondent

LAHORE: No bank account attachment unless the taxpayer’s chief executive officer or principal officer or owner is informed at least 24 hours prior to attachment and the chairman FBR’s approval is obtained,” A notification said.

Newly appointed Federal Board of Revenue (FBR) chairman Shabbar Zaidi
on Friday devised a mechanism to freeze bank accounts in case of a
dispute, directing authorities against freezing accounts without his
prior approval and notice to the account holder.

In what was his first order in the capacity of the FBR chairman, Zaidi
directed all chief commissioners inland revenue to inform the account
holders 24 hours prior to freezing their accounts if they must do so.

“No bank account attachment unless the taxpayer’s chief executive
officer or principal officer or owner is informed at least 24 hours
prior to attachment and the chairman FBR’s approval is obtained,” read
the board’s notification.

Zaidi explained that there is already a provision for freezing of a
bank account as the last recourse in case of a dispute between the
account holder and institutions.

“My intention and aim is to document the undocumented economy,” he
said, answering a question regarding tax reforms.

“The documentation of the undocumented economy will automatically
increase the tax base.”

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