Tax Amnesty Scheme: Last day to declare your assets

 

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday reminded people that today (July 31) is the last date of Tax Amnesty Scheme and added that the time for declaration of assets will not exceed anymore.

The FBR has warned all the undeclared asset holders to declare their local and foreign assets till today’s (Tuesday) midnight, otherwise, they would have to face consequences.

The FBR chairperson Rukhsana Yasmin asserted that there were no chances of extending the date further.

Read: PM announces tax amnesty scheme

Yasmin advised the public to avail the tax amnesty scheme as today is the last date to declare local and foreign assets.

On July 1, the caretaker government had extended the tax amnesty scheme for a month with a cut-off date of July 31.

According to FBR, the scheme facilitates people to declare the details of their local and foreign assets without facing any consequences.

Under the amnesty plan, all Pakistanis are able to declare their unreported income and assets and bring their money into the tax base after paying a 5 percent one-off penalty. Then prime minister Shahid Khaqan Abbasi had said that Pakistanis living overseas and declaring income or assets would pay a 2 per cent one-time penalty.

Once the amnesty period expires, authorities will use technology to identify and catch tax evaders.