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Tax amnesty scheme helps in collection of Rs115 billion tax

Monitoring Desk

ISLAMABAD: The tax amnesty scheme introduced in April to whiten black money has retrieved Rs115 billion in shape of tax on the declaration of domestic and foreign assets.

Majorly domestic assets were said to be declared and whitened by the taxpayers and the tax regulator has projected tax collection via the ongoing tax amnesty scheme could fetch Rs130 billion, reported The News.

It is set to lapse on July 31st and the Federal Board of Revenue (FBR) has cautioned of serious repercussions against tax evaders who don’t come forth to avail this tax amnesty scheme.

Although no exceptional response had been received in the aftermath of the elections held last week, however, a normal surge was anticipated in the last few days before the tax amnesty scheme lapses.

An official shared that no unprecedented rise was witnessed in the declaration of assets via this tax amnesty scheme and was anticipating fetching Rs15 to Rs20 billion tax collection on the last day of the scheme (31st July).

The tax machinery was adamant at initiating a crackdown against evaders after the lapsing of the tax amnesty deadline.

The extension provided last month by the caretaker government failed to attract Pakistani’s living overseas to avail the tax amnesty despite repeated warnings by the tax regulator.

They cautioned once the information from OECD became available, the FBR will be able to launch a severe crackdown after the lapsing of the tax amnesty scheme.

A top official of the FBR said: “We possessed good information and intended to move ahead with an iron hand against potential tax-evaders.”

Although the FBR Chairperson Rukhsana Yasmeen has stated there is no chance of granting a further extension in the tax amnesty scheme and requested all potential non-filers to take advantage of this opportunity which expires on Tuesday (today).

The interim government has declared over 55,2225 declarations were filed in June in which the value of declared overseas assets stood at Rs577 billion and domestic assets at roughly Rs1,192 billion.

The FBR has fetched Rs97 billion from these declarants, of which Rs36 billion have been retrieved on overseas assets, Rs61 billion on domestic assets and $40 million has been repatriated.

 

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