A list of wealthy individuals is being assembled by the government who under the Finance Act of 2022 were taxed on a “deemed income basis” and failed to pay the required capital value tax (CVT) on foreign assets.
The list of such wealthy individuals who defaulted on paying the required amount of taxes may be released, published, or added to the FBR website as of January 1, 2023.
Along with other legal means of recovery, the defaulters may also be punished by having their names published.
There have been meetings at the highest levels of government where the concept of “naming and shaming” has been discussed. The wealthy who are required to pay these taxes but fail to file the required return or declaration by December 31, 2022, may have their names revealed by the government.
In light of the FBR’s recommendations, the government has yet to make a final decision regarding the “naming and shaming” of the nation’s wealthiest individuals.
