FBR extends condition of retaining cash, foreign currency, liquid assets not repatriated till July, 03

Jul 1: The Federal Board of Revenue (FBR) on Monday explained that the last date of filing declaration under the Assets Declaration Scheme had been extended through a presidential ordinance up to July 3 because the Parliament is not in session.

"As the last date is now extended, the condition of retaining cash, foreign currency and liquid assets not repatriated is also extended till July 3. Hence, all such declarants are required to retain cash in their bank accounts till July,03," an FBR press release said.

The Assets Declaration Ordinance, 2019 has been incorporated as section 17 of the Finance Act, 2019.

As per section 8 of the Assets Declaration Act, 2019, the condition to declare cash was to deposit such cash in the declarant’s bank account and to retain it in the bank account up to the 30th day of June, 2019.

Similar condition exists in case of declaration of foreign currency that such foreign currency is to be deposited in the declarant’s foreign currency account and is retained in such account till the 30th day of June, 2019.

Foreign liquid assets not repatriated into Pakistan are required to be deposited in the declarer’s foreign bank account on or before June, 30 2019, the statement added.

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