The Federal Board of Revenue (FBR) has initiated disciplinary action against all those Pakistanis having immovable properties in Britain, and did not avail the Tax Amnesty Scheme, said Chairperson of the board, Rukhsana Yasmeen.
The chairperson said that the action was being taken against those Pakistan who did not took advantage of the Tax Amnesty Scheme announced by the government, which ended on July 31, according to FBR press statement issued here Monday.
She said that the FBR obtained information about Pakistani owners of immovable properties from Britain tax authority, Her Majesty’s Revenue and Customs (HMRC).
It is pertinent to mention here that the previous government had announced this one-time amnesty to facilitate people in registration of their undeclared assets and incomes both in and outside the country.
The schemes offered a golden opportunity to the people holding undeclared and undisclosed income and assets to declare them simply by paying a nominal 2% tax on declaration and repatriation of foreign assets, 3% on declaration of immovable foreign assets and 5% on declaration and non-repatriation of assets under the Foreign Assets (Declaration & Repatriation) Act, 2018 and Voluntary Declaration of Domestic Assets Act 2018 duly approved by the Parliament.
Earlier, the government had fixed June 30 for declaration of assets which was then extended upto July 31.
The board had also launched a comprehensive awareness drive to sensitize people about the schemes as the top management of the board had conducted seminars in different cities to educate potential taxpayers to take advantage of this one-time facility.
The businessmen were briefed that this was the best opportunity to register undeclared assets and they were informed that the automatic exchange of information under the Organization for Economic Cooperation and Development (OECD) convention would start by October this year, which would enable the country to have access to the information of those Pakistanis having assets abroad.
The board was having access to data through Organization of Economic Cooperation and Development (OECD) convention. It has complete information about the particulars of Pakistani nationals who have undeclared properties in United Kingdom, Dubai and other countries.—APP