Income and wealth statements to be filed under tax amnesty scheme – Return News1 min read

Till start of this week, the tax regulator had received Rs36 billion under the tax amnesty scheme for undeclared domestic and foreign assets

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KARACHI: Individuals availing the tax scheme would need to separately file wealth and income statements for their foreign and domestic undisclosed assets for the tax year 2018.

This was revealed by officials on Thursday and said returns filed under the amnesty scheme are meant for the declaration of hidden assets of the last few years, reported The News.

According to an official of the Federal Board of Revenue (FBR), this filing will not be considered as an annual tax return.

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As per officials, the tax year stated in return form for amnesty declaration is 2018 (July 2017-June 2018) and there is widespread belief declarants won’t be required to file wealth and income statements under the amnesty scheme.

TAX Amnesty Scheme valid till June 30, 2018

The previous PML-N government in April had announced the tax amnesty scheme whose deadline to end was set at June 30th which allowed Pakistani nationals to declare their immovable assets outside the country at a tax rate of 3 percent, liquid assets not repatriated at 5 percent, liquid assets repatriated at 2 percent and for foreign currency accounts a tax of 2 percent will be charged.

Till start of this week, the tax regulator had received Rs36 billion under the tax amnesty scheme for undeclared domestic and foreign assets.

Those individuals taking advantage of the tax amnesty scheme wouldn’t be able to declare income earned from July 1st, 2017 to April 9th, 2018 and neither would be able to file a declaration under the amnesty scheme.

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