FBR Proposes to Establish an Asset Declaration System

The Federal Board of Revenue (FBR) on the direction of the International Monetary Fund (IMF) has proposed to establish an asset declaration system.

According to sources, the tax department in the supplementary finance bill 2021 proposed that disclosure of information of high-level public officials should be made.

It is pertinent to note that IMF had asked Pakistan to establish an asset declaration system with a focus on high-level public officials by end-June 2021, however, Pakistan was unable to establish the asset declaration system.

The Memorandum of Economic and Financial Policies issued by IMF states that priority measures include the establishment of an asset declaration system with a focus on high-level public officials by end-June 2021, publication of the second review cycle report under the UN Convention against Corruption (UNCAC), and review of the institutional framework for Pakistan’s anticorruption institutions by international experts. In addition, efforts to enhance international anti-corruption cooperation and recover stolen assets abroad are encouraged.

The IMF also asked to enhance the use of anti-money laundering (AML) tools to support anti-corruption efforts. It said that financial institutions should be effectively supervised to comply with due diligence obligations for politically exposed persons and suspicious transaction reporting.

It further stressed that the effectiveness of Pakistan’s financial intelligence unit should be enhanced, and its membership in the Egmont Group should also be pursued.

Source: Pro Pakistani

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