ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that it will invoke provisions related to concealed assets in case amnesty declarants failed to pay due payment by 30 June 2020.
In a reminder issued by the FBR stated that taxpayers Taxpayers who have filed declarations under the Assets Declaration Act 2019 as amended subsequently are reminded to pay outstanding tax, along with default surcharge by the due date of June 30, 2020.
The FBR said that in case of non-payment of tax and default surcharge by the due date, declaration filed under the scheme will become void and any tax and default surcharge that has been paid will not be refunded.
“Moreover, proceedings will be initiated for undisclosed assets, expenditure and sales which may culminate to taxes and penalties amounting to 80 percent of the value of assets in addition to proceedings under various other laws,” the FBR said.
The FBR further clarified that the due date for payment under the Scheme will not be extended.
