Rs 110 billion collected under amnesty scheme, below FBR expectations

With the tax amnesty scheme deadline of July 31^st 2018 coming to an end, Federal Board of Revenue (FBR) Chairperson Rukhsana Yasmin has announced that there will be no further extensions of the deadline.

The scheme was to end on June 30^th 2018 but had been extended for a month for up to July 31, 2018. Hence, today marks the last day for individuals to benefit from the tax amnesty scheme and avail the last and final chance to declare their undeclared assets.

According to sources, until Monday night, around 65000 people had declared their assets under the amnesty scheme, 59000 of which had declared domestic assets while nearly 6000 people had declared their foreign assets.

Total tax collection from asset declarations under the amnesty scheme has amounted to Rs 110 billion so far, lower than FBR’s expectation of around Rs 123 billion.

The scheme offered an opportunity to the people holding undeclared and undisclosed income and assets to declare them by simply paying a nominal 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.