ISLAMABAD: The Federal Board of Revenue (FBR) is likely to extend deadline of recently-announced amnesty scheme, which is expiring on June 30.
Sources in the FBR said that the country’s top revenue authority would likely allow filing of declarations by giving specific timeframe in July. However, the filing of declaration would be accepted in the cases where the tax was paid but computerised payment receipt (CPR) couldn’t be generated for any reason.
Sources added that the relaxation should not be considered as extension. “There is no extension (in the deadline) under consideration,” said a senior tax official.
Tax lawyers said the amnesty scheme announced for foreign undisclosed assets has virtually come to an end as ‘procedural delays’ seem to deny its benefits to some potential taxpayers.
It is also pertinent to mention here that the FBR, through an advertisement campaign, is motivating people to avail the tax amnesty scheme as just four days are left.
The previous government unveiled the amnesty scheme to give one-off tax benefits of two to five percent to individuals who want to declare their local or foreign assets under Foreign Assets (Declaration and Repatriation) Act 2018. The scheme was announced in April.
So far the amnesty schemes have received overwhelming response and the government should consider extending the deadline.
Till Monday, the FBR generated Rs36 billion in tax revenue from people under local and foreign assets amnesty. The amount included Rs22 billion for which individuals generated payment slip IDs and Rs14 billion already realised by the FBR.
