ISLAMABAD - The Federal Board of Revenue (FBR) has embarked upon proactive approach to create awareness among business community and people about the tax amnesty schemes, recently announced by the government which facilitates registration of undeclared assets and incomes.
The schemes offered a golden opportunity to the people holding undeclared and undisclosed income and assets to declare them simply by paying a nominal 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. The top management of the board has been holding seminars in different cities to educate potential taxpayers to take advantage of this scheme.
FBR Chairperson Rukhsana Yasmin during her visit to Large Taxpayer Unit Lahore and Regional Tax Office-II Lahore urged the top management of the board in different cities to play a proactive role in creating awareness about the benefits of Tax Amnesty scheme among the business community, FBR sources said.
The chairperson had a meeting with top officials of Large Taxpayer Unit Lahore and Regional Tax Office-II Lahore and representatives of Instituted of Chartered Accountants of Pakistan (ICAP), Lahore Tax Bar and Pakistan Tax Bar.
Similarly Large Taxpayer Unit (LTU) Islamabad also organized a seminar in this regard and briefed businessmen and potential taxpayers about the benefits and procedure of Tax Amnesty Scheme, urging them to take advantage of the scheme and register their undeclared assets and incomes. The businessmen were briefed that this was the best opportunity to register undeclared assets.
The FBR has been making it clear that the automatic exchange of information under the Organization for Economic Cooperation and Development (OECD) convention would start by October this year, which would enable the country to have access to the information of those Pakistanis having assets abroad.
The board was now having access to data through Organization of Economic Cooperation and Development (OECD) convention. It has complete information about the particulars of Pakistani nationals who have undeclared properties in United Kingdom, Dubai and other countries.
Member Facilitation and Taxpayer Education (FATE) Federal Board of Revenue (FBR) Ms. Lubna Farrukh Mirza also visited Sialkot to brief the business community about the benefits of the scheme.
Meanwhile, the finance ministry had assured that the declarations made under the Tax Amnesty Scheme would remain strictly confidential.
"The Ministry of Finance assures all applicants making declarations under the Tax Amnesty Scheme that the information provided by them shall remain strictly confidential and the guarantees provided under the scheme shall be abided in letter and spirit," a press statement issued by the ministry said.