You have one more month to declare foreign assets without any penalties

July 1, 2018
shakeelahmed

Artwork: Sheikh Faisal

The president has extended the tax amnesty scheme for another month, so Pakistanis now have until July 31 to declare foreign assets without any penalties.

The move is an opportunity to increase the tax received by the Federal Board of Revenue (FBR).

President Mamnoon Hussain extended the scheme on the request of the interim finance minister. The amnesty scheme announced in April’s finance bill was supposed to come to an end on June 30.

As of now, thousands of people have declared their assets as part of the amnesty scheme. Despite some difficulties in the process, FBR officials expressed their hope that the move would help strengthen Pakistan’s economy.

In one month over 45,000 people declared around Rs110 billion as part of the scheme.

The scheme was announced by the PML-N government to allow people to declare their hidden domestic assets as well as assets abroad.