Today (July 3) is the last date for declaration of Assets under Assets Declaration Scheme through a Presidential Ordinance. In a clarification statement, Federal Board of Revenue said that it also include the condition of retaining cash, foreign currency and liquid assets not repatriated. It said all such declarant’s are required to retain cash in their bank accounts till today.
Earlier the government on Sunday (June 30) had announced that the deadline to disclose undeclared assets has been extended till July 3. Crackdown against benami properties holder will be initiated.
It’s worth mentioning that the Federal Board of Revenue (FBR) is behaving aggressively towards the people to broadening the tax net for the economic revival and to enhance the economic growth in the country. FBhad R Chief elaborated that the crackdown does not mean that FBR officials would just go and arrest such people, but the fight against such people begins with dispatch of notices after expiry of amnesty scheme.
“FBR has so far acquired information about 150,000 Pakistanis having undeclared assets abroad,” FBR Chief Commissioner Inland Revenue at Karachi Regional Tax Office-II Badruddin Ahmad Quraishi said at a news conference on Thursday (June 20).
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