KARACHI: The Federal Board of Revenue (FBR) has expanded its probe into the Panama Papers affair, and is likely to register its first FIR tomorrow against a business tycoon who was named in the leaks, it has been learnt. “In the high-level meeting held to discuss the Panama Leaks case in Islamabad on Wednesday, the FBR has decided to register FIRs against four selected businessmen. In this regard, the FBR is likely to launch its first FIR in the Panama scandal against a business tycoon tomorrow,” official sources told Daily Times. The FBR will likely inform the Supreme Court today that it has decided to register cases under the income tax laws against selected businessmen who were named in the Panama Papers as FBR did not get any response from them. The FBR will also inform the court today that FBR is actively investigating the matter and they will take all necessary steps and corrective measures to find exact details of all Pakistanis named in Panama papers. In this regard, the authority has written letters to the concerned authorities in the British Virgin Islands, Bahamas, Panama, Niue, Samoa, Mauritius and Anguilla. ‘Initially, four owners of off-shore companies named in the Panama papers have been selected to be tried likely under the Anti Money Laundering Act (AMLA) and the authority has made all arrangements for prosecution against selected four businessmen who have failed to comply against our tax notices. Others will be prosecuted soon,’ added the sources. Earlier, the FBR in its seven-page concise statement informed the Supreme Court that the apex body for collection of taxes has issued notices to 336 Pakistani individuals under Section 176 of ITO 2001, allegedly holding investments in offshore entities of Panama Leaks. Out of those 336 individuals, 133 responded to the notices. The tax havens disclosed through Panama Leaks showed that there were total 270 entities which were owned by 444 individuals from Pakistan. In British Virgin Islands, 168 entities were registered which were owned by 271 Pakistani individuals, 12 entities in Bahamas owned by 25 individuals and 41 entities in Panama owned by 84 individuals.