ISLAMABAD: Federal Board of Revenue (FBR) is planning to provide alternate options as the condition of having foreign currency account is a main hurdle in the success of Tax Amnesty Scheme, it is learnt here.
Official sources told Customs Today that FBR has received information from the real state sector and other stakeholders that Pakistanis who have foreign assets, 90% of them don’t have bank accounts and they are interested to take advantage of government’s Tax Amnesty Scheme.
While on the other hand, most of Pakistanis who have local undisclosed assets and they are interested to disclose it under Tax Amnesty Scheme, however, they don’t have the ‘tax amount’ in cash, and they are confused how to disclose their assets, sources added.
Moreover, sources said that FBR is also planning to introduce an option for those Pakistanis who don’t have tax amount in cash as they could pay tax money in installments of 6 months or a year.
The board has received most of objections and issues from the people and business community regarding Foreign Currency Accounts of overseas Pakistanis. The FBR has received objections regarding audit exemptions for beneficiaries of Tax Amnesty Scheme.
It is important to mention here that FBR is trying to take full advantage of this scheme through collecting more and more revenue, however, only few days are left to close the scheme. Therefore the board is in the process to provide full support and solve every problem being faced by people who are interested to take advantage of the scheme.
