Sunday, September 25, 2022

Pakistani residents in UAE are majority in availing tax amnesty scheme

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ISLAMABAD: Pakistani nationals being UAE residents have made to the top position in the list of people who have filed the details of their assets under foreign tax amnesty scheme. Pakistani nationals from various countries filed their assets, some of the countries includes UK, Switzerland, USA, Canada, Singapore etc.

According to details, 5363 people have availed the foreign tax amnesty scheme and 77846 have availed the domestic amnesty scheme.

According to the statement of Rukhsana Yasmeen, Chairperson Federal Board of Revenue (FBR), around Rs2.5 trillion is whitened in the semblance of the tax amnesty scheme. Pakistan has obtained around $366 million cash proceeds in the name of offshore tax amnesty scheme.

Furthermore, in some time FBR will be sending tax notices to a number of declarants who have failed to pay the outstanding amount and now a full penalty amount of 35% tax will be charged on their assets.

According to Ms Yasmeen, the tax amnesty scheme was a huge success as FBR is able to get Rs121 billion consisting Rs44 billion from foreign amnesty and Rs77 billion by domestic amnesty.

According to sources, it is declared that FBR got Rs97 billion as taxes and Rs24 billion in July 2018 under the tax amnesty scheme. Also, the figure amount of Rs121 billion can hike and can be reached to Rs126-127 billion.

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