Today is the Last Day to Avail Tax Amnesty Scheme

The Federal Board of Revenue (FBR) has announced that there won’t be any further extension in the tax amnesty scheme. The decision was announced by the Board today as today is the last day to avail the scheme.

FBR Chairperson Rukhsana Yasmin urged the public to declare their assets under the scheme before it ends. She added that those with undeclared assets, whether they reside abroad or in Pakistan, will have to face the consequences if they fail to do so.

The Scheme

The scheme came into effect on April 10 this year, with the ending date set at June 30. The purpose of the scheme was to increase the tax base of the country and urge foreign account holders to bring their assets to Pakistan. Under the scheme, people could declare their assets without facing any legal challenges. The scheme was given an extension until 31st July – today – however, FBR has made it clear that it won’t be extended any further.

So far, over Rs 100 billion have been deposited in the national treasury as tax on the declared assets. Another Rs 25 billion are expected to be deposited this month which will raise the total to Rs 122 billion.

64,000 individuals have declared their assets so far under the scheme, the FBR Chairperson told. Out of the total figure of tax collected, Rs 41.6 billion were collected on foreign assets while Rs 65.3 billion came from local assets.