ISLAMABAD: No Pakistani living abroad has so far availed tax amnesty scheme as the outgoing government has failed to convince expatriates to bring back undeclared money to the country under the said-scheme.
Sources said that few individuals belong to Karachi and Lahore by paying the tax have whitened their black money under the Voluntary Declaration of Domestic Assets. The government high-ups were expecting to bring back four to five billion dollars through this scheme.
The Prime Minister had earlier announced an approximately three months foreign as well as domestic tax amnesty in the first week of April 2018.
The government had announced to apply 5 per cent tax on liquid assets not repatriated, 3 per cent tax on immovable assets outside Pakistan and 2 per cent levy respectively on liquid assets repatriated and invested in government securities up to 5 years in US dollar-denominated bonds with six month profit payments in equivalent rupees (rate of return 3 per cent) and payable on maturity in equivalent rupee as well as liquid assets repatriated.
Under the declaration of Domestic Assets, two per cent tax is applicable for the foreign currency held in a foreign currency account in Pakistan as on the 31 March, 2018 and encased in equivalent rupee as well as foreign currency held in a foreign currency account in Pakistan as on the 31 March, 2018 which is invested in government securities up to 5 years in US dollar dominated bonds with six monthly profit payment in equivalent rupees (rate of return 3 per cent) and payable on maturity in equivalent rupee and 5 per cent for other assets.
