If you have assets abroad that you haven’t declared and didn’t avail the FBR’s tax amnesty scheme then you’re in trouble. The FBR is going to take action against people with undeclared assets abroad and tax evaders within Pakistan.
The FBR had introduced the tax amnesty scheme to widen the tax net. As part of the scheme, Pakistanis could declare assets abroad without any repercussions.
Over 500 Pakistanis with undeclared assets abroad have been issued notices by the FBR.
An official of the FBR said that action will now be taken against those Pakistanis who did not avail the tax amnesty scheme.
The board of revenue has asked other countries to help catch these tax evaders. Britain has already provided information about Pakistanis with accounts there and the FBR is still awaiting an answer from Dubai.
Other countries under the Organisation for Economic Cooperation and Development, of which Pakistan is a part, are being asked to provide lists of Pakistanis with bank accounts or other assets in their countries.
Around 70,000 people declared their assets as part of the amnesty scheme and a record Rs120 billion in taxes were collected.