Monday, October 3, 2022

Tax amnesty scheme extended for a month

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ISLAMABAD: The caretaker government has extended the Federal Board of Revenue’s (FBR) tax amnesty scheme for a month with a cut-off date of July 31.

The tax amnesty scheme was extended in view of people’s interest in declaration of foreign and domestic assets.

According to details, the extension has been put into effect through a Presidential Ordinance.

The federal cabinet approved the extension in tax amnesty scheme on the recommendation of caretaker Finance Minister Shamshad Akhtar.

Knowledgeable sources in the FBR said it hopes to generate more Rs100 billion in taxes on foreign and domestic assets to be declared under the scheme till July 31.

The deadline for filing amnesty declarations ended yesterday. However, during the last week a large number of representations were received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges.

The extension was also needed to remove ambiguities through clarifications and explanations and to ensure effective implementation of the schemes.

In addition, those declaring foreign assets faced problems in the payment of tax on foreign assets and repatriation of liquid assets.

The Finance Minister recommended extension in the cut-off date. The new deadline will help the government in bringing undocumented persons, assets and income into the documented sector.

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