ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue Policy Dr. Muhammad Iqbal has warned the tax evaders that tax amnesty scheme date will not be extended, therefore, they should take advantage and declare their moveable and immovable assets, otherwise action will be take against them after end of the scheme
Talking to Customs Today, Dr. Iqbal said that amendments in real estate sector laws and evaluations will be applicable from July, 2018. “We are not banning the opening of foreign currency accounts but the resident Pakistanis must be filers”. He said that foreign nationals and non-resident Pakistanis will have immunity to this condition.
He disclosed that those Pakistanis who have foreign assets and offshore companies and will not declare those under the amnesty scheme, the FBR might get their businesses record from 10 to 20 years checked. The FBR has abolished the law which barred it from checking the record of more than 5 years, he added.
Dr. Iqbal stated that those who benefited with amnesty scheme their names and other details will keep completely confidential. He said, who will not show their complete assets under the scheme and after the end of scheme if it is bring in the knowledge of FBR then those persons will consider not eligible and relevant tax laws will be fully implemented upon them.
We are giving opportunity to tax payers that if they declare their assets till 30th June 2018 they can get amnesty. FBR is starting campaign against tax evaders from the month of August 2018 and we have collected the data with the help of other institutions.
Those persons or taxpayers which cases in the courts they cannot take benefit of scheme. The purpose of scheme is to bring back the money of Pakistanis from foreign bank accounts. We have offered that if any Pakistani will declared and bring back his money and invested in Government Securities than chargeable rate will be 2 percent.
He hoped that in result of amnesty scheme Pakistan Manufacturing Sector will grow because whatever amount to showed. He also explained that if any businessman or person belong to private sector is member of board of any government organization he also not eligible for the scheme. He said, we are making tax authorities more vigilant and now safe passage will not given to tax evaders. He explained that under the scheme whatever declaration will be filed FBR made no objection on it. Those who will declare their assets under the scheme, National Accountability Bureau and Federal Board of Revenue will not initiate any legal proceedings against them.
