ISLAMABAD: Foreign Income and Assets Statement (FIAS) will be mandatory for overseas Pakistanis having income more than $10,000 and assets of $ 0.1 million with effect from July 1, 2018.
Official sources told Customs Today that Federal Board of Revenue will not accept any reasons for not submitting the Foreign Income and Assets Statement.
Meanwhile, the FBR has cautioned that strict action will be taken against the violators.
Sources further said that specified form has been developed for the Foreign Income and Assets Statement which will also need attestation under the instructed method. Complete detail of assets and income till last day of tax year, transfer of any asset with reason during the tax year, sources of income, and expenditure during the tax year are the main sections of the Form developed for FIAS.
The basic aim of the FIAS is to curb tax evasion, terrorism financing and other financial crimes, sources added.
It is also important to mention here that Federal Board of Revenue (FBR) has inducted new section 116-A in the Income Tax Ordinance 2001 through Financial Bill 2018, which will be in effect from July 1, 2018.
