Pakistani expats asked to take advantage of Assets Declaration Scheme

ISLAMABAD: Special Assistant to the Prime Minister on Overseas Pakistanis and Human Development Zulfiqar Bukhari Saturday invited overseas Pakistanis to take advantage of the Assets Declaration Scheme-2019 and help develop Pakistan by purchasing property here.

“The exchange rate in Pakistan is good for overseas Pakistanis for their investment as dollar and pound are strong,” Zulfiqar Bukhari said in a message on the Assets Declaration Scheme.

He said it was a good opportunity for overseas Pakistan to clean their business here and asked them to fill their declaration form without any hesitation and make themselves part of the scheme.

Clarifying about eligibility for overseas Pakistanis for the scheme, he said only those expatriates, who spent over 183 days in Pakistan, could become tax filers and eligible to fill the assets declaration form to prove their expenditure to show income and declare assets.

He added all those overseas Pakistanis, who spent less than 183 days in Pakistan and live abroad and their income was also in foreign countries, could declare anything in assets declaration form, if they made any income or profit in Pakistan from business or property.

All such overseas Pakistanis, who did not pay any tax on such income, could now pay old tax of last six years, he added.  “There is no need for them to tell anything here about their businesses in other countries.”

He said it was the best opportunity for overseas Pakistanis to declare such undeclared property or business in Pakistan under the scheme, which was purchased from money earned abroad  and it was sent without banking channels.

He assured that they would not be asked to share information about the banking or non banking channels for using money to purchase any such property in Pakistan. There would be separate tax on sale or rent of such property, he added.

He made it clear that only such property would be taxable, which was purchased in Pakistan or having any income or profit from such property for the last six years period while property of overseas Pakistanis in abroad would not be taxable.