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Member Facilitation and Taxpayer Education (FATE) FBR Ms. Lubna Farrukh Mirza visited Sialkot to hold a meeting with the office-bearers and representatives of Sialkot Chamber of Commerce & Industry and members of Tax Bar Associations from Sialkot and Gujrat to brief them on the salient features of the Tax Amnesty 2018.
Addressing a large gathering of businessmen, traders and tax lawyers, she said the government had launched the Tax Amnesty to allow those holding undeclared properties and assets both in Pakistan and abroad to disclose them by paying nominal tax and become part of the tax system.
She welcomed the response shown by the people to the scheme and hoped people still not able to make up their mind about this scheme would also understand the advantages and benefits of availing of this amnesty.
She said under the scheme the people holding undeclared and undisclosed income and assets could pay 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.
Ms Lubna Farrukh Mirza ruled out any extension in the deadline of Tax Amnesty beyond 31st July 2018 and advised the people to make use of the amnesty in their own interest to declare their undisclosed assets as after the expiry of amnesty, they could face detection under the new international regime for exchange of information, taxation at normal rates on declared foreign assets and income without any time limitation as well as penalty and prosecution in addition to tax on their undeclared assets and income.