Assets Declaration Scheme: FBR issues forms to declare assets

ISLAMABAD: The Federal Board of Revenue (FBR) has issued forms under the amnesty scheme, for assets within the country and abroad, ARY News reported on Saturday.

The forms can be filled at the FBR portal. The scheme can be availed by all tax defaulters and the companies, to declare and whiten their assets,not declared until June 30, 2018.

Under the scheme, separate forms required to be filled for assets within the country and abroad and can be whitened at a rate of four per cent. The whitened cash assets will have to be kept in Pakistani bank accounts. For people wanting to keep their whitened money abroad, a rate of six percent will be charged.

For the declaration of real estate, its value will be considered 150pc of the FBR-assigned value to bring it on a par with the market rate. Moreover, under the current scheme, the persons are also allowed to enhance the declared value of immovable property.

The owners can also register benami vehicles to their names under the scheme at a rate of four per cent.

The tax rate will be 1.5pc for whitening of domestic immovable properties. In case of foreign assets, the fair market value will be determined at the exchange rate prevalent on the date of declaration.

The tax rate on undisclosed sales or supplies is 2pc, which is also offered for the first time for bringing undeclared sales into the tax net. This will cover the sales or supplies chargeable to sales tax or federal excise duty, which has not been declared or has been under declared up to June 30, 2018.