Member Information Technology (IT) FBR Mr. Khawaja Adnan Zahir visited Faisalabad to hold a seminar with the businessmen, traders and representatives of Tax Bar Associations from Faisalabad to brief them on the salient features of Tax Amnesty 2018.
Addressing a large gathering, He said the government had launched the Tax Amnesty Scheme to allow those holding undeclared properties and assets both in Pakistan and abroad to disclose them by paying minimal tax rates of 2% tax on declaration and repatriation of foreign assets, 3 % on declaration of immovable foreign assets and 5 % on declaration and non-repatriation of assets under the Foreign Assets (Declaration & Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act 2018 duly approved by the Parliament. He welcomed the response of the scheme and advised the participants that they should avail the benefits of this scheme including minimum tax rates, no penalty, no surcharge and no questions about source of funds.
Mr. Khawaja Adnan Zahir ruled out any extension in the deadline of Tax Amnesty beyond 31st July 2018 and advised the people to make use of the amnesty in their own interest to declare their undisclosed incomes and assets. He said, under the new international tax regime after panama leaks, in presence of OECD exchange of information agreement, FATF grey status for Pakistan and strict enforcement of anti money-laundering laws, nobody will be able to hide and protect undisclosed assets in Pakistan and abroad. So, after the expiry of amnesty, they could face detection, subject to taxation at normal rates as well as penalty and prosecution.
