Federal Board of Revenue (FBR) is likely to bring back not more than $700 million against the declaration of foreign assets under tax amnesty scheme till June 30, it was learnt here. According to sources, the FBR has received $46 million tax against the declaration of foreign assets under amnesty scheme till June 23, 2018. However, the board expects receiving $4 billion till the end of this scheme (June 30, 2018).
Commenting on the scheme''s response, sources said, "Before the clearance from the Supreme Court, ratio of receiving declarations was one or two per day but now more than 40 declarations are being submitted on average per day." "It is premature to say anything about the paperless GoP''s US Dollars Denominated Amnesty Bonds 2018 launched on June 23, 2018," sources said.
Sources told that suggestion of accepting the declarations of foreign or local assets within due date and allow the scheme seekers and tax consultants more time to pay taxes was practicable as the then prime minister Shahid Khaqan Abbasi at the time of its announcement made it clear that this scheme, which unlike the past was not meant to generate revenue but to bring the non-taxpayers and tax evaders into the tax-net and broaden the tax base.
They further said the last date of amnesty scheme should be extended till July 20, 2018 through presidential order to allow maximum number of citizens to avail this scheme. Under this one-time tax-amnesty scheme which will be available till June 30, 2018, local and foreign assets in the shape of cash could be whitened by paying 5 percent and 2 percent penalty, respectively, on the undeclared assets. It is also providing a facility of one-time payment of 3 percent penalty for whitening of non-cash assets.