ISLAMABAD: Additional Commissioner (Inland Revenue) Large Taxpayers Unit Ali Adnan said that under the automatic exchange of information program of OECD, the foreign assets and bank accounts details of Pakistanis in 104 countries including UK, USA and Switzerland will be transmitted to the Federal Board of Revenue.
He expressed these views during an exclusive interview with Customs Today. He warned the tax evaders and black money holders that Amnesty Scheme is the last and best chance for them to disclose their hidden immoveable and moveable foreign and local assets, otherwise after the last date Federal Board of Revenue will enforce the tax laws with full power.
He said that this is one time package and it is government’s trust on people and people should also trust on the government. Tax is national responsibility and it is directly in the benefit of the country. Supreme Court has also supported the scheme and now there is no doubt about it that this is in the benefit of the people, if someone has not declared his assets and hidden wealth now registered in the scheme.
Talking about tax payment procedure, he said if you have domestic or foreign assets then you will have to declare assets in IRIS in Form A and generate PSID which is available on the front page of FBR website by entering liability as per From A.
The payment will be made only in State Bank of Pakistan and National Bank of Pakistan. If someone declared foreign assets he will have to remit tax in USD through wire transfer. He said that value of assets will be considered as per law, the gold value is Rs4000 per gram and other precious stones and metals value will be judged on market rates as on the 9th April 2018 or cost of acquisition, whichever is higher.
Likewise market rates as 9th April will be applicable on stock-in-trade while plant and machinery valuation on actual cost of acquisition with no depreciation. Valuation of National Saving Schemes, postal certificates, bonds, securities and other similar investments in capital instruments not traded or quoted on stock exchange will be on face value.
Valuation of open plots and land will be on cost of acquisition or FBR rates whichever is higher while super structure valuation is Rs 400 per square feet. Valuation of apartments, flats, shops and units of multi-story buildings or plaza will be on the basis of cost of acquisition or provincial stamp duty rates, whichever is higher. He said now country need us and we should play positive role in the development of the country like a patriotic Pakistani. Whatever you will pay it will benefited the country.
