Tax Amnesty Scheme Date Extended Till 31st July
Tax Amnesty Scheme Date Extended Till 31st July: On the recommendations of the Finance Minister, has approved extension of closing date of tax amnesty schemes for declaration of foreign assets and domestic income and assets till July 31, 2018.
The decision has been effective through a Presidential Ordinance, says a statement issued by Federal Board of Revenue.
The deadline for filing amnesty declarations was June 30, however, during last week a large number of representations have been received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges. The extension was also needed to remove ambiguities through clarifications and explanations required to provide certainty to the general public and to ensure effective implementation of the schemes.
In addition, declarants of foreign assets faced problems in the payment of tax on foreign assets and repatriation of liquid assets.
The Finance Minister recommended extension of the cut-off date for availing amnesty schemes as there has been an overwhelming demand and response which is on the rise.
The date has been extended by one month to enable general pubic to file declarations for undeclared foreign assets and undeclared domestic assets and income and thereby get their tax affairs in order, the statement added.
It will also help the government in bringing undocumented persons, assets and income into the documented sector. Depending on flows, the schemes have potential to bring in macroeconomic and fiscal stability in the economy.
On the recommendations of the Finance Minister, has approved extension of closing date of tax amnesty schemes for declaration of foreign assets and domestic income and assets till July 31, 2018.
The decision has been effective through a Presidential Ordinance, says a statement issued by Federal Board of Revenue.
The deadline for filing amnesty declarations was June 30, however, during last week a large number of representations have been received from trade bodies, professional associations and general public for extending the closing date due to short operational period after clearing legal and procedural challenges. The extension was also needed to remove ambiguities through clarifications and explanations required to provide certainty to the general public and to ensure effective implementation of the schemes.
In addition, declarants of foreign assets faced problems in the payment of tax on foreign assets and repatriation of liquid assets.
The Finance Minister recommended extension of the cut-off date for availing amnesty schemes as there has been an overwhelming demand and response which is on the rise.
The date has been extended by one month to enable general pubic to file declarations for undeclared foreign assets and undeclared domestic assets and income and thereby get their tax affairs in order, the statement added.
It will also help the government in bringing undocumented persons, assets and income into the documented sector. Depending on flows, the schemes have potential to bring in macroeconomic and fiscal stability in the economy.
According to the FBR, up til now 51,000 people have benefited from the scheme and the Board has received a payment of Rs65 billion so far. The tax amnesty scheme, announced by the PML-N government earlier this year, came into effect on April 10, 2018 and was to end till June 30, 2018. The scheme has been cited as an opportunity for people to file their local and foreign assets without facing any consequences. The FBR has warned that holders of undeclared local and foreign assets will face dire consequences if they do not declare assets after the expiry of the tax amnesty scheme.
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