ISLAMABAD – The Federal Board of Revenue (FBR) has sent notices to 2,785 people over receiving expensive gifts during the previous fiscal year by expanding money-laundering investigations, local media reported.
According to reports, the people had declared these expensive gifts worth millions of rupees in their wealth statement.
FBR believes this way could have been adopted by miscreants for money-laundering and tax evasion.
According to GEO News, three people declared gifts worth Rs1 billion or more in wealth statements, eight declared between Rs500 million and Rs1 billion, 97 individuals declared between Rs100 million and Rs200 million and 280 people between Rs50 million and Rs100 million.
Moreover, 2,000 people had declared gifts worth between Rs10 million and Rs50 million during the last fiscal year.
It may be mentioned here that Prime Minister Nawaz Sharif, who is in hot waters since the start of Panama Papers case, had also received Rs1.07 billion as gift from his son in the Panama scandal.