ISLAMABAD - The Federal Board of Revenue (FBR) on Monday has asked the people to take benefit from the tax amnesty scheme to declare their hidden assets by paying nominal tax under the scheme, which is expiring today (Tuesday).
"People should declare their hidden assets under the Tax Amnesty Scheme on the last day of the tax amnesty scheme," said FBR Chairperson Rukhsana Yasmeen in a brief statement. She made it clear that government would not give any further extension in the scheme, which has already extended for a month.
Another official of the FBR has informed The Nation that FBR would take action against those who did not declare their hidden local and foreign assets under the tax amnesty scheme.
He further said that Prime Minister in-waiting Imran Khan had already warned to take action against tax evaders to broaden the tax base of the country.
"Response from the tax amnesty scheme was impressive before giving one month extension. However, it was slowed down after the extension," he added.
Sharing details of the outcome of the scheme, he informed that around 2,500 declarations had been filed during July. The declarants had paid around Rs11 billion in taxes so far this month. Before extension, around 55,225 declarations had been filed in which declared value of foreign assets is around Rs577 billion and that of domestic assets is around Rs1,192 billion.
Declarants had paid around Rs97 billion out of which around Rs36 billion have been collected on foreign assets and Rs61 billion on domestic assets.
The FBR is digging information against non-taxpayers in other countries under the Organisation for Economic Cooperation and Development (OECD). The FBR has recently obtained information about immovable properties owned by the Pakistanis in the United Kingdom with the assistance of OECD and the UK tax authorities.
It is worth mentioning here that Pakistan would start receiving exchange of information about offshore accounts from OECD nations from September. Currently, there are 104 signatories of the Convention on Mutual Administrative Assistance in Tax Matters.