Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha Saturday said individuals who fail to declare their assets under voluntary amnesty scheme will face the consequences after June 30, 2018. Speaking at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the FBR chairman said it is last chance for Pakistani citizens to avail this amnesty scheme and declare their assets on lowest tax rates. "After the deadline of June 30, 2018, the owners of undeclared assets would be liable to pay all taxes as well as penalty as much as 70 percent of the value of undeclared assets, he said, adding that the tax rate under this scheme is lowest and people should avail this chance to declare their assets.
He said many countries are introducing strict laws and regulations against untaxed money. Anti money laundering regime was also getting stricter globally. In many countries the untaxed and undeclared assets of Pakistani citizens could be confiscated under the new regime.
He said the FBR had employed advanced tools and entered into global information sharing regime under OECD. He pointed out that after September 1, 2018, the FBR would be able to receive all details about the properties, bank accounts and other assets of Pakistani citizens from 102 different countries.
He said there is very good response of this amnesty scheme and a number of individuals are availing this voluntary scheme. "The FBR is receiving remittances from different countries by Pakistani citizens against declaration of foreign assets under this amnesty scheme.
He said the FBR will share the details regarding declarations of foreign assets after the deadline of this scheme. He said the government has introduced this amnesty scheme only to whiten the tax-evaded money. He said this scheme is not meant to whiten corruption money.
Abdul Qadir Memon, President Pakistan Tax Bar Association, briefed the participants about this scheme. He informed the participants that June 30, 2018 is the deadline and the individuals should avail this chance before the expiry of the deadline. He said there is no chance to extend the deadline beyond June 30, 2018.