ISLAMABAD: Federal Board of Revenue (FBR) notified ‘Sharing of Declaration of Assets of Civil Servants Rules, 2023’ for federal government servants of BPS-17 to BPS-22 to declare asset details. Move comes in wake of stringent pre-conditions set by International Monetary Fund (IMF) to lend money to country as government had assured lender to fulfill all conditions.

Notification obligates public office holders to declare details of assets owned by them and members of their families inside and outside country to FBR. Authority has also obligated banks to provide these details twice year, on January 31 and July 31.

Banks will access asset data of federal employees in first phase at time of opening bank accounts. Conditionality is expected to extend to provincial employees as well in next phase. “Bureaucrats’ assets will be checked prior to opening of bank account,” sources said. “Banks will get information from FBR for opening of accounts of bureaucrats”, added sources. International lender earlier demanded Pakistan to amend laws for asset declaration of public servants. Sources told that IMF had stressed on public declaration of assets inside and outside country owned by public servants. For this purpose, lender had also demanded to set up an authority and Electronic Assets Declaration System to ensure transparency of process. Government finally acceded to demand earlier by allowing banks access to asset declaration of civil servants as prior condition for opening of bank accounts.

Implementation of several measures had been postponed for political reasons, as they were believed to contribute to already elevated inflation rates. However, government later agreed to comply with IMF conditions after lender refused to make any concessions.

Published in The Daily National Courier, February, 04 2023

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