Asset Declaration Scheme's deadline ends today
The department has asked all declarants to retain cash in their bank accounts till tomorrow.
ISLAMABAD (Dunya News) – As many as 95,000 people have registered their undeclared assets so far with the Federal Board of Revenue (FBR) by availing the Asset Declaration Scheme, the deadline of which ends today (July 3), according to FBR Chairman Syed Shabbar Ziadi.
Today is the last date for the declaration of the Benami assets under the Assets Declaration Scheme through a presidential ordinance, and the Benami law will come into force after 12 midnight.
State Minister for Revenue Hammad Azhar, in his exclusive talk in Dunya Kamran Khan Kay Sath programme, termed the amnesty scheme “successful” as small and medium-sized enterprises and non-filers have benefited the most from the scheme.
In a clarification statement, the FBR has stated that the condition of retaining cash, foreign currency and liquid assets not repatriated is also extended till the same date (July 3).
The department has asserted that all declarants are required to retain cash in their bank accounts till tomorrow.
Furthermore, the government has officially abolished the concept of non-filers in the taxation system and from now onwards it will be impossible for anyone to escape from paying taxes. All persons who have a certain limit of income must have to file their tax returns.
In this regard, Lahore’s Regional Tax Office 2 (RTO-2) has already collected Rs600 million under the Amnesty Scheme.
Commissioner Ghazala Hamid Razi has revealed that in RTO-2, 700 taxpayers have declared their assets.
A couple of days ago, the economic team of the government reiterated that the Asset Declaration Scheme could be the best opportunity for citizens of Pakistan to declare their undeclared assets before Benami law is enforced.
Advisor to Prime Minister on Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh, State Minister for Revenue Hammad Azhar, Federal Board of Revenue Chairman Shabbar Zaidi had addressed reservations of the general public and removed their apprehensions about the scheme.
The advisor had said that the aim of the scheme was to motivate people to document their assets.
He had said that enhancing tax collection was imperative to carry forward the development work in the country and deplored that Pakistan was having lowed tax to GDP ratio in the region.
The advisor had clarified that whosoever earns outside and pays taxes there, his/her money is already whiten and need not to avail ADS.
The officials had revealed that the asset profiles of around 53 million people have been unveiled through the FBR portal.
